The contracts for the two blocks, which were awarded after the International Bid Round launched by the Republic of the Union of Myanmar, involve a two-year study period followed by an exploration period of six years, subdivided in three phases.
Eni operates the blocks with 80% interest, while the remaining stake is held by Petrovietnam Exploration Production.
The block MD-2 is located in the southern part of the Bay of Bengal, in the Rakhine Basin and covers an area of 10,330km² in water depths ranging from 500m to 2400m.
Covering an area of 5,900km² in water depths ranging from 1,500m to 2,200m, the block MD-4 is situated in the Moattama-South Andaman Basin, approximately 230km from the coast, west of the Yetagun gas field.
Eni CEO Claudio Descalzi said: ‘With the contracts signed today, we have further expanded our exploration portfolio through new and important opportunities, which allow Eni to strengthen its presence in a Country with a significant potential and a rapidly developing economy.
"Today we become one of the largest operators in the exploration activities in Myanmar, taking a further step in our organic growth strategy in Southeast Asia where we are already present in China, Vietnam and Indonesia."
In July 2014, Eni signed production sharing contracts for the exploration of two onshore blocks, RSF-5 and PSC-K, located in the prolific Salin Basin and the unexplored Pegu Yoma-Sittaung Basin, respectively.
