The Energy and Mines Minister Dammipi Noupokou of Togo and Eni (NYSE:E) CEO Paolo Scaroni, with the COO of Eni Exploration & Production Claudio Descalzi, signed two Production Sharing Contracts (PSCs) covering the country’s offshore area. These agreements sanction Eni entry in Togo.
During the ceremony, held in the presence of His Excellency the President Faure Gnassingbe, Eni outlined the role that it will undertake in Togo to explore and ultimately develop the Country’s hydrocarbon resources, as well as the cooperation model applied with success in other countries of the Sub-Saharan region.
The signing of these contracts will allow Eni to operate Block 1 and Block 2 with 100% participation interest and immediately perform all studies and interpretation to thoroughly evaluate the two blocks, located in the Dahomey Basin, a still scarcely explored basin bordered to the west by the analogous Tano basin where major discoveries have been made previously. Eni is already present in the region through blocks operated in Nigeria and Ghana, where a discovery (Sankofa 1) has recently been made and an aggressive drilling campaign is anticipated for 2011.
Through the acquisition of these blocks, Eni further strengthens its leadership in the Sub-Saharan region where it is already present in Nigeria, Republic of Congo, Ghana, Angola, Democratic Republic of Congo and Mozambique with an operated overall production in excess of 450,000Boe/d and a strongly increasing exploration activity. Eni is also engaged in the region in numerous social, medical, agricultural and sustainability projects including gas power production.