Italian energy major Eni has agreed to acquire BP’s business in Algeria, including two major gas-producing concessions, the company said on September 7.
Eni will buy BP’s In Amenas and In Salah assets, which are jointly operated by Sonatrach and Equinor. In 2021 they produced approximately 11 Bcm of gas, 12 million barrels of condensates and LPG.
According to Eni, this acquisition has will contribute to Europe’s gas needs and further strengthen the company’s presence in Algeria. The deal will also increase Eni’s portfolio of assets in the country. Eni recently signed contracts of Berkine South and Block 404/208 recently signed, will allow new and synergic development opportunities, mainly focused on increasing gas production.
The acquisition is in line with Eni’s strategy to address energy security concerns and deliver secure and sustainable energy to customers, while accelerating the path to net-zero.
The transaction is subject to the approvals of the competent authorities.
Eni has been operating in Algeria since 1981. Following these acquisitions and the development programmes underway in the Berkine basin, Eni’s production from Algeria will rise to over 120,000 barrels of oil equivalent per day in 2023.
Earlier this year, Eni and Sonatrach discovered significant oil and associated gas in the Zemlet el Arbi concession, located in the Berkine North Basin in the Algerian desert.
