Eni SpA (E) Wednesday said it has signed a deal with the Ukrainian government that will give it access to offshore exploration and production as it seeks to tap into hydrocarbon reserves off the country's Black Sea coast.
Eni SpA (E) Wednesday said it has signed a deal with the Ukrainian
government that will give it access to offshore exploration and production as
it seeks to tap into hydrocarbon reserves off the country's
Black
Sea
coast.
In a statement, Italy's biggest energy company by market value said it signed a
hydrocarbon production sharing agreement with Ukraine giving the Rome-based
company access to an offshore area covering about 1,400 square kilometers in
the eastern part of the Crimean peninsula.
Eni will be the operator with a 50% stake in a joint venture where Electricite
de France SA (EDF.FR) has a 5% holding, while Ukrainian state-owned companies
Vody Ukrainy and Chornomornaftogaz have a combined 45% stake.
Eni's presence and that of the Ukrainian partners "will ensure the success
of the project," the statement said.
Ukraine
is
keep to promote domestic oil and natural gas production to reduce Russian
imports and boost its energy security.
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