"Eni confirms its commitment to pursuing a growth strategy in Nigerian activities" - said Paolo Scaroni, CEO of Eni - "a commitment actively involving local companies in both exploration and production in a country where Eni has been operating for more than 40 years".
The agreement establishes a tight cooperation between the partners in both technical activities and operating management, with the aim of supporting education and skills development amongst Nigerian resources.
The Oyo field, one of the first oil discoveries made in the Nigerian deepwater during the previous exploration phase, is located in Lease 120. The new ventures will start drilling the first well by end 2005. Two other appraisal wells have been scheduled during 2006 to verify the potential of Leases 120 and 121.
Nigerian Agip Exploration is today the only company operating in Nigerian deepwater with the Abo field, which started production in 2004 and lies next to Leases 120 and 121.
Eni's equity hydrocarbon production in 2004 amounted to 161,000 boe/day and fields operated by Eni provided approximately 10% of hydrocarbon production in Nigeria.
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