Eni completes the acquisition of Dominion's assets in the Gulf of Mexico

abarrelfullabarrelfull wrote on 01 Aug 2012 13:30

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3 July, 2007

Eni has completed, through its subsidiary Eni Petroleum Company, the acquisition of Dominion's upstream assets in Gulf of Mexico. Dominion is one of the major energy companies in the United States and is listed on the New York stock exchange.

Through this acquisition, Eni's equity production in the Gulf of Mexico is expected to rise from the current 36,000 boepd to more than 110,000 boepd in the second half of 2007.
The main producing fields acquired are Devils' Tower, Triton and Goldfinger (75% operated), and Front Runner (37.5%). In addition, other key fields currently in the development phase are San Jacinto (53.5% operated), Q (50%), Spiderman (36.7%) and Thunderhawk (25%).

The 2P equity reserves acquired are 222 million boe and, in the period 2007-2010, production from the acquired assets will average in excess of 75,000 boepd. In addition, Eni will further enhance its portfolio in the Gulf of Mexico, adding new leases with significant exploration potential.

The acquisition is consistent with Eni's strategy of securing hydrocarbon reserves and production in core areas, where it can increase materiality and play an important role as operator utilizing Eni's deepwater skills and technologies.

Eni has been operating in the United States since 1966 with exploration and development activities and currently holds interests in 462 leases in the Gulf of Mexico (including 263 from the Dominion acquisition) and 158 leases in Alaska.

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