Petroleum Africa
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Thursday, February 17, 2011
Gazprom and ENI signed an agreement that paves the way for ENI to hand over 50% of its 33.3% stake in Libya’s Elepahnt oilfield. Gazprom CEO Alexey Miller and ENI CEO Paolo Scaroni, in the presence of the President of Russian Federation, Dmitry Medvedev and Italy's Prime Minister, Silvio Berlusconi, signed the agreement.
The value of the stake is estimated at $170 million and requires the approval of Libyan authorities.
The two companies also signed an agreement which binds both parties to sign prior to February 28 the gas sale agreement (GSA) for the gas which will be produced in the Siberian fields of Severenergija.
The agreements signed are part of the strategic partnership signed between ENI and Gazprom in 2006 which envisages the commitment of both parties to jointly develop projects along the entire gas chain. In the framework of this partnership, both parties launched the South Stream pipeline project and ENI entered Russia’s upstream sector.
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