Eni SPA is the previously unidentified buyer of a major interest in Evans Shoal natural gas field in the Timor Sea off Australia from Santos Ltd. (OGJ Online, Oct. 28, 2011).
The Italian company said it agreed to buy a 40% equity share from Santos for an initial payment of $250 million and a contingent future cash payment of as much as $100 million.
Separately, Eni then agreed to sell a 7.5% equity share in exploration permit NT/P48 to Shell Development (Australia) Pty. Ltd. Both transactions are subject to approvals.
After completion of the transactions, NT/P48 partners will be Shell, operator, and Eni 32.5% each, Petronas Carigali (Australia) Pty. Ltd. 25%, and Osaka Gas Australia Pty. Ltd. 10%.