The acquisition of Stratic’s entire portfolio of gas assets in the Italian region of Emilia consist of the San Marco and Casale Cocchi permits for the Longanesi gas field, and other exploration rights in Italy.
Enel will further contribute an additional EUR6.6m provided that the first production phase starts before the end of 2011, reducing the contribution down to no payment if production starts from 2013.
The company said that this acquisition is a further step forward in its strategy of acting as a vertically integrated energy company having direct access to strategic commodities.
Within the same framework, last January, a consortium set up by Enel (27.5%), Repsol (52.5%) with the role of operator and Gdf-Suez (20%) signed an exploration and exploitation contract for the ‘South-East Illizi’ gas field in Southeastern Algeria with the Algerian National Agency for the Valorisation of Hydrocarbons Resources Alnaft and Sonatrach.
In May 2009 Enel announced the award to a joint venture with Total of an exploration block in the Egyptian Nile Delta within the frame of the 2008 EGAS International Bid Round. The joint venture is 90% owned by Total (Operator) and the remaining by Enel.
Enel owns a 19.6% stake in SeverEnergia, a Russian company with approximately 5 billion BOE of reserves under development in partnership with Gazprom and Eni.
