Eni Acquires BP’s Business in Algeria, Operating Two Major Gas Fields

Eni Acquires BP’s Business in Algeria, Operating Two Major Gas Fields
This acquisition has a great strategic value to further contribute to Europe’s gas needs and strengthens Eni's presence in Algeria; Image Credit: iStock

Eni announces that it has agreed to acquire BP business in Algeria, including the two gas-producing concessions “In Amenas” and “In Salah” (45.89% and 33.15% working interest respectively).

The “In Amenas” and “In Salah” assets, which are jointly operated with Sonatrach and Equinor, are located in the Southern Sahara and their production of gas and associated liquids began in 2006 and 2004 respectively. In 2021 they produced approximately 11 billion m3 of gas, 12 million barrels of condensates and LPG.

This acquisition has a great strategic value to further contribute to Europe’s gas needs and further strengthens Eni's presence in Algeria, a major gas producer and a key country in for Eni. Today’s operation will allow Eni to increase its portfolio of assets in the country and, jointly with the the new contracts of Berkine South and Block 404/208 recently signed, will allow new and synergic development opportunities, mainly focused on increasing gas production.

The acquisition is in line with Eni’s distinctive strategy to address the challenges of the current energy market to deliver secure and sustainable energy to customers, while accelerating the path to net-zero.

The transaction is subject to the approvals of the competent authorities.

Eni has been present in Algeria since 1981. Following these acquisitions and the development programs underway in the Berkine basin, in 2023 Eni's production from Algeria will rise to over 120,000 barrels of oil equivalent per day, further confirming Eni as the main international energy company operating in the country.

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