INA to operate offshore fields for the first time as Eni exits Croatian upstream
- Business & Finance
Italian oil company Eni is leaving the upstream sector in Croatia with the sale of Eni Croatia b.v. to MOL Group’s Croatian INA.
Through Eni Croatia b.v. Eni participated in the joint project of gas production in Croatia’s offshore areas Northern Adriatic and Marica.
The Italian company said on Wednesday it had signed an agreement to enable INA-INDUSTRIJA NAFTE, d.d. to acquire 100% of Eni Croatia b.v., that currently produces about 2.5 thousand barrels of oil equivalent per day.
After all conditions are fulfilled and the sale is completed, INA will become the 100% owner and the sole operator of the Northern Adriatic and Marica fields. Clearance from the antitrust authorities is expected in the coming months.
With this deal, INA will become, for the first time in its history, the sole operator of offshore fields. This will also allow INA to carry out further investment in the Northern Adriatic and Marica areas.
Following the transaction, all gas produced in the Northern Adriatic concession area will be directed towards the Croatian supply system. The gas produced in the Marica area will continue to be transported to Italy, under a gas sales contract signed by INA and Eni.
Through this deal, which is in line with its asset disposal and rationalization program, Eni exits the upstream sector in Croatia, where it has been present since 1996 in partnership with INA-INDUSTRIJA NAFTE, d.d.