ZAGREB, June 20, 2018 - The Croatian oil company INA has agreed the purchase of the Italian ENI company's stake in the gas fields in the northern Adriatic, INA said on Wednesday, noting that it would become the sole owner of the Italian oil and gas group's ENI Croatia BV subsidiary and take over the management of the exploitation fields North Adriatic and Marica once all contractual terms were met, including approval by market competition agencies.
INA did not reveal the value of the transaction.
The transaction refers to an estimated 4.3 million barrels of oil equivalent reserves and will increase gas production by around 2,500 barrels of oil equivalent a day or close to 380,000 cubic metres of gas a day.
INA will thus become, for the first time in its history, the sole operator of an off-shore exploitation field. The transaction will also enable further investment by INA in the exploitation fields North Adriatic and Marica.
After the transaction, all the gas produced in the North Adriatic exploitation field will be directed to Croatia's supply system while gas produced in the Marica exploitation field will continue to be delivered to Italy in line with terms of a gas sale agreement signed by INA and ENI.
