Growth in Africa is a priority for Italian oil and natural gas company Eni SpA (E) and its planned acquisition in Uganda is "very" important," daily la Repubblica quotes Chief Executive Paolo Scaroni as saying Monday.
"The Ugandan government has expressed in favor of our proposal," Eni's CEO says in an interview, referring to Tullow Oil PLC's (TLW.LN) pre-emption of the Rome-based company's planned buy of Heritage Oil PLC (HOIL.LN) assets in the African country.
Eni has proven oil and gas reserves of more than 20 years, while reserves that are up and running will last 10 years, adds Scaroni.