Eni buyer of stake in Evans Shoal gas field

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).
Nov. 29, 2011

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%.

About the Author

Bob Tippee

Editor

Bob Tippee has been chief editor of Oil & Gas Journal since January 1999 and a member of the Journal staff since October 1977. Before joining the magazine, he worked as a reporter at the Tulsa World and served for four years as an officer in the US Air Force. A native of St. Louis, he holds a degree in journalism from the University of Tulsa.

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