By Patrick Costello
Eni SpA (ENI.MI) said Sunday that it signed a deal with the National Oil and Gas Authority of the Kingdom of Bahrain to pursue petroleum exploration in the offshore exploration area Block 1.
Block 1 is a largely unexplored offshore area covering 2,800 square kilometers in the northern territorial waters of Bahrain, the Italian energy company said.
The agreement will allow Eni to start cooperating and investing in Bahrain and expand its presence in a key region of the Middle East, it said.
Eni didn't disclose the financial terms of the transaction.