Eni to Exit South Africa Offshore Oil Block Amid Tech Challenges
- Italian company took 40% stake in the project in 2014
- Delays in passing the draft oil law have frustrated companies
Source: Getty Images
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Eni SpA is pulling out of plans to explore for oil with Sasol Ltd. in a large block off South Africa’s southeast coast due to concerns over the technical challenges of drilling in deep waters, according to two people familiar with the decision.
The people asked not to be identified as the matter is private.