Eni Divests another Portfolio of Non-Core Assets in the UK North Sea

abarrelfullabarrelfull wrote on 16 Jan 2013 12:11
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21 October 2002

Eni, through its affiliates Agip (UK) Limited and Agip (UKCS) Limited, has signed an agreement with Oranje Nassau (UK) Limited for the divestment of several non-core assets in the UK North Sea.

The divestment includes a 20.00% interest in the Cook oil field, an 18.2% interest in the Janice oil field, a 3.7% interest in the Pierce oil field and a 6.3% interest in the Chestnut discovery.

The agreement with Oranje Nassau 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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