WSJ: Eni to Search for Oil and Gas Off South Africa's East Coast

Eni SpA acquired a 40% stake in an exploration permit that allows the Italian company to search for oil and gas off the eastern coast of South Africa, in an area the size of South Carolina.

The move expands the company's presence in an area that has already proven to be teeming with natural resources.

Eni didn't release financial details of the deal it signed with Sasol Petroleum International, the upstream oil and gas subsidiary of Sasol Ltd. , which received the original permit from the Petroleum Agency of South Africa at the end of last year. The South African government must approve the agreement.
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