Italy’s Eni signs deal to extract shale gas in the Ukraine

15 June 2012 17:24  [Source: ICIS news]

LONDON (ICIS)--Eni has signed an agreement to extract shale gas in the Ukraine to strengthen its presence in the country and build on its unconventional gas portfolio, the Italian energy major said on Friday.

Eni said it has signed a share purchase agreement with Ukrainian state-owned national joint stock company Nak Nadra Ukrayny and independent oil and gas exploration, development and production company Cadogan Petroleum to acquire a 50.01% stake and operatorship in Ukrainian company LLC Westgasinvest.

LLC Westgasinvest holds the rights to nine shale gas license areas in the Lviv Basin of Ukraine, totalling approximately 3,800 square kilometres of acreage.

“The Lviv Basin is considered to be one of the most prospective basins in Europe for the exploration of unconventional gas,” Eni said.

Financial details of the deal were not disclosed.

By: Leigh Stringer
+44 208 652 3214

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