Eni has signed an agreement with Gdf-Suez for the purchase of the 22,5% stake that the French company holds in Efog, owner of 46,2% of the Elgin-Franklin fields (located in the British North Sea). Through this acquisition, Eni will obtain a 10,4% indirect interest in the Elgin-Franklin gas condensate fields, where it already holds a 21,8% interest. Eni's offer to Gdf-Suez amounts to 590 million euros.
A note released by the Italian company explains that the acquisition of a further stake "represents a natural development of Eni's portfolio in the area and allows for a higher production level to be achieved in the short and long term, through the exploitation of fields already known by the society".
Eni has been active in the United Kingdom since 1964. The activity of the Italian company is conducted in the English part of the North Sea, in the Irish Sea and in some areas east and west of the Shetland Islands for a total area of 3.592 square kilometres. In 2010, Eni's production in the country amounted to 91 boe/day.
