GDF SUEZ Sells Stake in Elgin–Franklin North Sea Fields to Eni

Eni and GDF SUEZ have signed an agreement for Eni to purchase the 22.5% shareholding of GDF SUEZ in EFOG, a joint-venture between GDF SUEZ and Total E&P UK Ltd, which holds a 46.2% stake in the Elgin – Franklin fields located in the United Kingdom’s North Sea. Through this shareholding Eni will obtain a 10.4% indirect participation in the Elgin-Franklin gas condensates fields.

Eni already holds a 21.8% interest in Elgin – Franklin which are some of the most productive fields in the UK North Sea. The acquisition therefore represents a natural enhancement to Eni’s UK North Sea portfolio, and provides short and long term production benefit from assets well known to the company. Eni’s offer to GDF SUEZ is worth €590 million.

Eni has been present in the UK since 1964. Eni’s activities are carried out in the British section of the North Sea, the Irish Sea and certain areas East and West of the Shetland Islands over a developed and undeveloped acreage of 3,592 square kilometers (1,151 square kilometres). In 2010, Eni’s net production of oil and gas averaged 91 kboe/d.

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Source: Eni , September,28.  2011; Image:  Total UK