Eni has entered a sale and purchase agreement with Chevron to buy 25% interest in three offshore blocks.

The LB 11, LB12 and LB14 offshore blocks located on the shelf and continental slope of Liberia between 0 and 3,000m of water depth cover over 9,560km2 of area.

Eni’s current operated production in the region is almost 450,000 barrels of oil equivalent per day and with this acquisition it will expand the position in the exploration of the West Africa Transform Margin.

Chevron operated the three blocks and has 45% interest in them, while Oranto hold 30% and Eni has 25% interest.

Italy based Eni is an oil and gas company.

Chevron Corporation is a US multinational energy corporation engaged in oil, gas, geothermal energy industries, exploration and production; refining, marketing and transport; chemicals manufacturing and sales; and power generation.