Hungary's MOL Buys Adriatic Gas Stakes
Croatian gas producer INA is buying out its partner Eni in northern Adriatic offshore gas production, Eni, said INA's parent MOL June 20, without putting a price on the transaction.
INA will become the 100% owner and the sole operator of the northern Adriatic and Marica regions once all conditions are fulfilled, including clearance from the antitrust authorities, which is expected in the coming months, it said.
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The transaction covers 4.3mn barrels of oil equivalent (boe) proven and probable reserves and will increase hydrocarbon output by some 2,500 boe/d (or nearly 380,000 m³/day), a step towards meeting the group’s reserves replacement targets. INA will also become, for the first time in its history, the sole operator of offshore fields. This will also allow INA to carry out further investment in the northern Adriatic and Marica areas, it said.
Following the transaction, all gas produced in the northern Adriatic concession area will be directed towards the Croatian supply system while gas produced in the Marica area will continue to be transported to Italy, under a gas sales contract signed by INA and Eni.