Eni today signed an agreement with Rosneft for the development of gas and oil fields in the Barents Sea, the Arctic and the Black Sea. The agreement between the Italian group and the Russian state giant was signed in Moscow by the managing directors of the two companies, Paolo Scaroni and Eduard Khudatajnov, in the presence of the newly re-elected president Vladimir Putin. The agreement also provides for the exchange of technologies and personnel and the acquisition by Rosneft of Eni shares in international projects.
Only last Friday, alongside Enel, Eni had started the gas production in Samburgin Western Siberia. Today in the early afternoon, the company's share price gains 1,4%.
Eni and Rosneft will set up of the joint ventures, owned by the Italian group with a share of 33,33%, for the joint development of new fields. Rosneft, in line with Russian legislation, will remain the holder of the licences. Eni will finance the exploration aimed at confirming the commercial value of the licenses. The total estimated recoverable reserves for the licenses are equal to 36 billion barrels of oil equivalent (boe).
“Today's agreement is truly strategic for us, because it will mark our exploration activity for many years,” he commented Scaroni -. We have gained access to two hugely promising exploration areas in Russia, a major hydrocarbon producer. This success is the result of our long-standing relationship with Russia, of recent developments in the upstream of Western Siberia and of the discoveries that Eni first made in the Norwegian Barents Sea”.
