Eni Acquires Shell Stake in Australian Gas Field

By Marc Bisbal Arias Features Dow Jones Newswires

Eni SpA (ENI.MI) said Thursday that it has acquired the 32.5% stake in an Australian gas field owned by Royal Dutch Shell PLC (RDSA.LN)'s subsidiary Shell Australia Proprietary Ltd.

Continue Reading Below

Terms of the deal were not disclosed.

The Evans Shoal field is located around 300 kilometers northwest of Darwin, where the Darwin liquefied natural gas plant is operating. The field is estimated to have at least 8 trillion cubic feet of raw gas in place, Eni said. The acquisition doubles Eni's stake in the field to 65%.

The Italian company also said that it has become the operator of the retention lease NT/RL7 located in the north Bonaparte Basin, offshore Northern Australia.

Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com

(END) Dow Jones Newswires

Continue Reading Below

December 21, 2017 06:04 ET (11:04 GMT)