Eni Snaps Up Ugandan Stakes for $1.35B
Published at: www.rigzone.com
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Michael LynchConsultantMichael E. Lynch
ENI still pursues dream of joining that elite sorority called the Sette Sorrelle
November 24, 2009
Eni and Heritage reached agreement under which ENI will obtain 50% interest in blocks 1 and 3A in Uganda for $1.35 billion. An additional payment of $150 million may be made for future contingencies. ENI will become the operator. The two blocks are located in the Lake Albert basin with discovered reserves of 700 million barrels. Twenty eight wells exist in the area. The transaction is part of ENI's strategy to grow the company in Africa. ENI currently works in Angola, Nigeria, Congo and Gabon.
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