JUser: :_load: Unable to load user with ID: 890

Eni Buys bp’s Upstream Business in Algeria

Eni Buys bp’s Upstream Business in Algeria

/ Financial News / Wednesday, 07 September 2022 13:28

Eni has agreed to acquire bp businesses in Algeria, including the two gas-producing concessions “In Amenas” (45.89%) and “In Salah” (33.15%) working interest.

The In Amenas and In Salah assets, which are jointly operated with Sonatrach and Equinor, are located in the Southern Sahara, and their production of gas and associated liquids began in 2006 and 2004 respectively. In 2021, they produced approximately 11 billion m3 of gas, 12 million barrels of condensates and LPG.

This acquisition has a two-pronged strategic value 1) to further contribute to Europe’s gas needs, and 2) to strengthen Eni's presence in Algeria, a major gas producer and a key country for Eni.

The current operation will allow Eni to increase its portfolio of assets in the country and, jointly with the new contracts of Berkine South and Block 404/208 recently signed, will allow new and synergic development opportunities, mainly focused on increasing gas production.

The acquisition is in line with Eni’s strategy to address the challenges of the current energy market to deliver secure and sustainable energy to customers, while accelerating the path to net-zero.

The transaction is subject to the approvals of the competent authorities.

Eni has been present in Algeria since 1981. Following these acquisitions and the development programs underway in the Berkine basin, in 2023 Eni's production from Algeria will rise to over 120,000 barrels of oil equivalent per day.

Meanwhile, bp announced in a statement that it has agreed to sell its upstream business in Algeria to Eni, including its interests in the gas-producing In Amenas and In Salah concessions.

Also read: Eni Discovers New Gas Source Offshore Cyprus Coast

Also read:  bp and Eni JV Azule Energy Starts Angola Operations

Latest Issue

Please publish modules in offcanvas position.