Eni Inks Deal for OPL 135 with NNPC

Eni has signed a Production Sharing Contract (PSC) with Nigerian national oil company NNPC concerning the "OPL 135" exploration license. The area is located in the northeast of the Niger Delta, a short distance from the Kwale/Okpai treatment plants, operated by Eni.

Eni, through the Nigerian Agip Oil Company (NAOC), will be operator for the OPL 135 activities, with a 48% stake, in co-operation with Nigerian companies Global Energy Company (42%) and BLJ Energy (10%).

Through this important acquisition, Eni intends to continue promoting the increasing involvement of local companies in the exploration, production and exploitation of gas for the domestic market, with the main objective of eliminating gas flaring.

The agreement allows for strong co-operation with the Nigerian partners both in the operative and technical management of the activities, with the objective of supporting the development of local competencies and resources.

The PSC has an effective duration of 25 years: the first five years will be devoted to the exploration phase and the following twenty to the development and production phase, with a contractual option of putting gas discoveries into production.

The hydrocarbons produced will be piped to the nearby Kwale/Okpai plants to be treated, and from here put into the NAOC Joint Venture network, to optimize timing and investments.

Eni, through its NAOC subsidiary, is the operator of the first (and, currently, unique) power station built by international oil companies, supplying the national network with around 480 MW. The station, located in the Okpai zone and inaugurated in April 2005, is fuelled by gas coming from oilfields operated by NAOC within the "zero flaring" project, which aims to eliminate gas flaring by the end of 2009.

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