Eni Says SeverEnergia Starts Producing Gas In Western Siberia

Date : 04/20/2012 @ 6:53AM
Source : Dow Jones News
Stock : Enel (ENEL)
Quote : 4.93  0.046 (0.94%) @ 12:35PM
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Eni Says SeverEnergia Starts Producing Gas In Western Siberia

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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; liam.moloney@dowjones.com

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