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Eni Signs Contract in Algeria to Secure Additional Gas Supplies

19/07/2022 11:29am

Dow Jones News


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By Mauro Orru

 

Eni SpA said Tuesday that it has signed a contract with TotalEnergies SE, Sonatrach and Oxy for two blocks in Algeria, a move that will enable the Italian oil-and-gas major to secure additional volumes of gas after Russia halted deliveries to Europe.

The company said that the production sharing contract covers blocks 404 and 208 in the Berkine basin in eastern Algeria, in a deal that will allow the signatories to boost investments and increase the fields' hydrocarbons reserves.

"Through this new contract, additional volumes of gas will be made available for export and for the domestic market," Eni Chief Executive Claudio Descalzi said.

Russian energy company Gazprom PJSC stopped deliveries last week via the Nord Stream pipeline-the largest thoroughfare for Russian gas to Europe-as the pipeline undergoes scheduled maintenance, usually a routine annual procedure.

European officials fear that Moscow won't restore the flows after the maintenance ends on Thursday, making it hard for several European nations to build reserves for the winter and possibly causing a deep recession on the continent.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

July 19, 2022 06:14 ET (10:14 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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