By Anthony Shevlin

Eni SpA (ENI.MI) said Tuesday it has been granted a new exploration license offshore Egypt.

The new concession agreement--aimed at governing an offshore exploration license in the East Nile Delta Basin of the Mediterranean Sea--received approval by Egyptian authorities, Eni said.

The Italian oil major said it plans to proceed with the drilling of an exploration well in the second half and that the exploration license is operated through its subsidiary IEOC.

Eni holds an 85% stake in the concession and Tharwa Petroleum Company holds a 15% stake, it said.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com

(END) Dow Jones Newswires

August 14, 2018 04:05 ET (08:05 GMT)

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