By Patrick Costello

ENI SpA (ENI.MI) has signed contracts for two new exploration blocks offshore Ivory Coast.

The two blocks, CI-501 and CI-504, cover roughly 911 square kilometers about 30 kilometers from the African country's coastline, the Italian oil major said late Monday. The two blocks are adjacent to Block CI-205, which is already operated by Eni.

Eni will be the operator for both blocks with a 90% stake, with the Ivory Coast's state-run oil company Petroci holding the remaining 10%, it said.

Eni said it will study the blocks "in synergy" in order to utilize proprietary technologies, and optimize costs and time-to-market in the event of a petroleum discovery.

Write to Patrick Costello at patrick.costello@dowjones.com.

(END) Dow Jones Newswires

June 04, 2019 05:26 ET (09:26 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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