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Italy's Eni increases UK Hewett oil fields stake to 89 percent, plans to create storage area

Italy's Eni increases UK Hewett oil fields stake to 89 percent, plans to create storage area

The Italian natural gas and oil company Eni SpA announced a deal Tuesday to raise its stake in the Hewett gas fields off Britain's east coast to 89 percent and seek to launch a storage facility there.
Eni said in a statement that it has signed an memorandum of understanding with the British oil and gas company Tullow Oil Limited to buy its 52 percent stake for 210 million pounds (euro265 million, US$418 million). The sale is expected to completed by the end of the year.
Eni said it intends to apply for a storage license with the aim of converting depleted gas fields in the unit off the coast of East Anglia into gas storage facilities as part of its strategy to develop gas storage facilities in the United Kingdom and in Europe.
The storage facility is expected to be the largest in the United Kingdom and one of the biggest in Europe, with capacity of 5 billion cubic meters, Eni said, noting that available storage in the U.K. is significantly lower than the European average
Eni was trading down 1.24 percent at euro25.39 (US$40.08) on the Milan Stock Exchange.


Updated : 2021-05-07 09:46 GMT+08:00