Eni S.P.A. (NYSE:E)
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Eni SpA (E), Italy's biggest energy company by market value, said Friday the SeverEnergia joint venture began producing natural gas in Western Siberia as oil majors tap into the hydrocarbon-rich Russian market.
SeverEnergia is a venture between Eni, which has a 30% holding, Enel SpA (ENEL.MI), which owns a 19% stake, and Russia's OAO Gazprom Neft (SIBN.RS) and OAO Novatek (NVTK.RS), each with a 25.5% stake.
The initial gas and liquids production at the Samburskoye field in the Western Siberian district of Yamal-Nenets is 43,000 barrels of oil equivalent a day, Eni said.
The gas produced will be sold to Gazprom, while Eni will retain the buy-back and marketing rights on the Russian domestic market, it said.
The condensates will be destined for foreign markets.
-By Liam Moloney, Dow Jones Newswires; +39 06 6976 6924; email@example.com