Italian oil and gas major EniSpA (E) has been awarded two exploration licenses in the Barents Sea and in the North Sea by the Ministry of Petroleum and Energy. The awards are a part of the Norwegian Award in Pre-Defined Areas (“APA”) 2014.
With this award, Eni is now the operator of the area PL806, in the Barents Sea, with an interest of 40%. The other partners include E.ON E&P, Edison International and Petoro, each holding a 20% stake.
Furthermore, Eni is a partner in the North Sea’s area PL 044 C and holds a stake of 13.12%. ConocoPhillips (COP) has a stake of 41.88% in the partnership. The other partners like Statoil ASA (STO) and Total SA (TOT) hold interests of 30% and 15%, respectively.
Eni’s presence in Norway dates back to 1965. Currently, its production amounts to approximately 112,000 barrels of oil equivalent per day, which it produces through its subsidiary EniNorge.
These awards reinstate Eni’s long-term strategy on the Norwegian Continental Shelf, with special emphasis on the Barents Sea.
Eni, with its consolidated subsidiaries, is engaged in oil and gas, electricity generation, petrochemicals, oilfield services and engineering industries. The company’s major business segments include Exploration and Production, Gas and Power, and Refining and Marketing. The company conducts its major exploration and production activities for hydrocarbons. Eni operates in Italy, Croatia, North Africa, West Africa, the North Sea, the Gulf of Mexico, the Middle and Far East, the Caspian Sea, Australia and Latin America.
Currently, Eni carries a Zacks Rank #5 (Strong Sell).
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