Eni increases its interest in the Liverpool Bay fields and disposes of other non core North Sea assets

abarrelfullabarrelfull wrote on 25 Jun 2014 07:01

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26 june 2002

Eni has signed an agreement with Centrica plc ("Centrica") to acquire an increased interest in the Liverpool Bay oil and gas fields in the Irish Sea and divest several non-core assets in the North Sea.

Under the new agreement, Eni will acquire Centrica's 8.9% interest in the Liverpool Bay fields and as a result will increase its total holdings in the assets to 53.9%. Liverpool Bay is a recent development (first production occurred in late 1995) which has material production levels (currently producing approximately 110 kboepd gross) and significant upside potential.

Liverpool Bay Fields are:

In exchange, Centrica will acquire Eni's interests in the Armada Area (5.58%), and the Renee (17.26%), Rubie (4.78%) and Goldeneye (4.5%) fields, together with associated exploration interests and receive a balancing cash payment.

These assets transaction are part of an ongoing programme to optimise Eni's UKCS portfolio, building in high quality core assets whilst disposing of low materiality interests in high risk or mature fields.

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