Eni Buys BP’s Business In Algeria

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Italian energy group Eni (ENI.MI) said it had agreed to acquire BP’s (BP.L) business in Algeria, including two major gas fields, says an article published on Reuters.

Synergic development opportunities

Eni said it would take BP’s stakes in the In Salah and In Amenas gas fields in southern Algeria, confirming what sources had told Reuters earlier this year.

New contracts

Together with the new contracts of Berkine South and Block 404/208 recently signed,  move creates new and synergic development opportunities, mainly focused on increasing gas production, Eni said.

Long-term gas contracts

CEO Claudio Descalzi travelled to Algeria together with top Italian government officials earlier this year to sign contracts to increase Algeria’s exports of gas to Italy as it looks to replace Russian supply.

Eni holds long-term gas contracts with state-owned energy giant Sonatrach and has historic ties with Algeria.

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Source: Reuters

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