Eni and GDF Suez have signed an agreement for the company to obtain a 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.
Through this acquisition, Eni will gain a 10.4% indirect participation in the Elgin/Franklin gas condensate fields. Eni currently holds a 21.8% interest in the project.
Located in the Central Graben area of the UK North Sea about 149 miles (240 kilometers) east of Aberdeen, the Elgin and Franklin fields are 4 miles (6 kilometers) away from each other in waters measuring 305 feet (93 meters).
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