Gulf Oil and Gas accountACCOUNT

Eni Acquires New Stakes in Two Nigerian Deepwater Fields

Source: www.gulfoilandgas.com 9/24/2005, Location: Africa

Eni has acquired from Nigerian companies Allied Energy Resources and Camac International a 40% stake in both Oil Mining Leases "120" and "121", located in the Nigerian offshore some 200 km off the coast at a depth ranging between 200 and 900 meters. Eni already operates the fields through its subsidiary Nigerian Agip Exploration (NAE).

"Eni confirms its commitment to pursuing a growth strategy in Nigerian activities" - said Paolo Scaroni, CEO of Eni - "a commitment actively involving local companies in both exploration and production in a country where Eni has been operating for more than 40 years".

The agreement establishes a tight cooperation between the partners in both technical activities and operating management, with the aim of supporting education and skills development amongst Nigerian resources.

The Oyo field, one of the first oil discoveries made in the Nigerian deepwater during the previous exploration phase, is located in Lease 120. The new ventures will start drilling the first well by end 2005. Two other appraisal wells have been scheduled during 2006 to verify the potential of Leases 120 and 121.

Nigerian Agip Exploration is the company operating in Nigerian deepwater with the Abo field, which started production in 2004 and lies next to Leases 120 and 121.

Eni's equity hydrocarbon production in 2004 amounted to 161,000 boe/day and fields operated by Eni provided approximately 10% of hydrocarbon production in Nigeria.

Acquisitions and Divestitures News in Nigeria >>

Russia >>  7/22/2019 - PAO NOVATEK announced the closing of the sale of participation interests in Arctic LNG 2 Project (“Project”) to wholly owned subsidiary of China Nati...
Brazil >>  7/19/2019 - Petrobras informs that the company Trident Energy presented the best final offer in a competitive process for the acquisition of the totality of the c...

Colombia >>  7/19/2019 - Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, announces that following the receipt of interest in the Compan...
Russia >>  7/19/2019 - Gazprom Neft and SIBUR have consolidated 100 percent of the charter capital in the Poliom LLC polypropylene plant in Omsk, with the Gazprom Neft—SIBUR...

Brazil >>  7/18/2019 - Ecopetrol S.A. reports that the Ministry of Mines and Energy of Brazil has authorized the transfer of a 10% stake in the Saturno block, located in the...
Indonesia >>  7/18/2019 - Coro Energy, the Southeast Asian focused upstream oil and gas company, has renegotiated the terms of the proposed acquisition by the Company of a 42.5...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

Oil & Gas Projects in Nigeria >>

More News

Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.