Eni picks up 32.5% In Australian Offshore Gas Field

Italian oil major Eni has announced the acquisition of a 32.5% stake in the Evans Shoal gas field offshore Australia from Santos Ltd.

Santos will get an initial payment of $250 million, in addition to a further $100 million subject to a final investment decision being made for the development of the field, and dependent on the level of proven reserves at the time the decision is made.

After the transactions, Eni and Shell both have a 32.5% stake, while Petronas Carigali (Australia) Pty Ltd. has 25% and Osaka Gas Australia Pty Ltd. the remaining 10%.

Located in the Timor Sea, the field is in the NT/P48 exploration block in the north Bonaparte Basin, around 186.4 miles to the northwest of Darwin. Evans Shoal field was discovered in 1998 and remains largely undeveloped. It is estimated to hold 7 trillion cubic feet of gas.