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Monday, November 23, 2009
ENI To Buy Stake In Heritage's Uganda Fields: WSJ
By Ken Sweet
FOXBusiness
Italian oil giant Eni SpA (E) said it will acquire stakes in two oil fields in Uganda from U.K. company Heritage Oil for $1.35 billion.
The two fields are located in what’s known as the Albert Basin, which currently holds around 700 million barrels of oil equivalent, but it is estimated that 1.5 billion barrels may still be discovered.
Uganda, like other parts of Sub-Saharan Africa, has become increasingly attractive to international oil giants. ExxonMobil (XOM) is currently negotiating for a stake in a oil field located in Ghana. Chevron (CVX) has also expressed interest in oil fields in the area.
Shares of Eni were unchanged on Monday before the open at $50.23 a share.
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