INA Buys ENI’s Share in Northern Adriatic Offshore Gas Fields

Source Press Release
Company MOL GroupENIINA Group 
Tags Production/Development, Strategy - Upstream, Strategy - Corporate
Date June 20, 2018

  • Group production to increase by nearly 380,000 m3 per day (2,500 barrels of oil equivalent per day)
  • The transaction covers 4.3 million barrels of oil equivalent reserves
  • INA to become 100% owner and sole operator of the two producing offshore fields

MOL Group’s Croatian INA agreed to buy Eni Croatia BV, a wholly-owned member of  Eni Group, through which  Eni participated in the joint project of gas production in Croatia’s offshore areas Northern Adriatic and Marica.

INA agreed to buy Eni Croatia BV, a wholly-owned member of  Eni Group, through which  Eni participated in the joint project of gas production in Croatia’s offshore areas Northern Adriatic and Marica. As a result, INA will become the 100% owner and the sole operator of the Northern Adriatic and Marica fields after all conditions are fulfilled, including receiving clearance from the antitrust authorities, which is expected in the coming months.

The transaction covers 4.3mn boe proven and probable reserves and would increase hydrocarbon production by around 2,500 boepd (or nearly 380,000 m⊃; per 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.  

Following the transaction, all gas produced in the Northern Adriatic concession area will be directed towards the Croatian supply system. The gas produced in the Marica area will continue to be transported to Italy, under a gas sales contract signed by INA and Eni.

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