Eni Divests a Portfolio of Non-Core Assets in the Uk North Sea

abarrelfullabarrelfull wrote on 16 Jan 2013 11:59

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21 March 2002

Eni signed an agreement with Dana Petroleum (E&P) Limited ("Dana") for the divestment of several non-core assets in the UK North Sea.

The divestment, which has a value of approximately 50 million pounds sterling, includes a 12.4% interest in the Banff oil field, a 19.5% interest in the Hudson oil field, a 19.0% interest in the Otter oil field as well as associated interests in the Brent Pipeline System and Sullom Voe Terminal and exploration licences.

The agreement with Dana is part of an ongoing programme to rationalise Eni's asset portfolio in the UK North Sea following the company's recent successful acquisition of British Borneo and Lasmo. The rationalisation programme is designed to focus Eni's resources on a number of material core holdings in the region, which present growth potential and/or operational synergies.

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