Eni buys Shell Australia asset

Australia

MILAN, December 21, 2017 – Eni has purchased Shell’s 32.5% stake in the Evans Shoal gasfield offshore Australia, the Italian super-major announced on Thursday.

The value of the transaction, which conferred on Eni operatorship of the asset, was not disclosed. The two companies were previously partners in the project. After the purchase, Eni holds a 65% interest in it, alongside Petronas Carigali (25%) and Osaka Gas Australia (10%).

“This transaction represents a further step forward in Eni’s growth plans in the Australasian region, following the successful startup in May 2017 of the Jangkrik gas field offshore Kalimantan, Indonesia, which supplies gas to the Bontang LNG plant,” Eni said in a statement.

Also on Thursday, Eni announced that it had reached an “all-time production record” of 1.92 million boepd.

“In less than three years, we have put seven giant fields into production, ahead of the expected schedule and reducing costs in the context of extremely difficult prices, while the oil sector was only focused on postponing any development initiative,” CEO Claudio Descalzi said in a separate statement. “Once again we reap the benefits of the value of our team’s skills and cohesion.”

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