Eni set to lift stake in North Sea Elgin-Franklin fields

Eni has agreed to acquire the 22.5% share held by GDF SUEZ in EFOG for €590 million ($805 million).

Sept. 29, 2011

Offshore staff

SAN DONATO MILANESE, Italy – Eni has agreed to acquire the 22.5% share held by GDF SUEZ in EFOG for €590 million ($805 million).

This is a joint venture between GDF SUEZ and Total E&P UK, which in turn has a 46.2% stake in the producing Elgin - Franklin gas/condensate fields in the UK central North Sea.

The transaction will give Eni a 10.4% indirect participation in the two fields, in addition to the 21.8% interest it already holds.

09/29/2011