Italy's Eni Completes Acquisition of BP's Business in Algeria

MOSCOW (Pakistan Point News / Sputnik - 28th February, 2023) Italian energy giant Eni said on Tuesday it had completed the acquisition of two gas-producing concessions of UK oil and gas company BP in Algeria.

"Eni announces that it has achieved the closing for the acquisition of BP business in Algeria, regarding the two gas-producing concessions 'In Amenas' and 'In Salah', which are jointly operated with (Algerian state-owned oil company) Sonatrach and (Norwegian state-owned multinational energy company) Equinor," the Italian company said in a statement.

Following these acquisitions and development programs carried out in Algeria's Berkine basin, Eni's production in the country will grow to more than 130,000 barrels of oil equivalent per day in 2023, the statement added.

Founded in 1909, BP is one of the six largest oil and gas corporations in the world. Eni is an energy company operating in 69 countries, which is engaged in exploration, development and production of oil and gas, as well as processing, marketing, trading and transportation of raw materials and renewables. On Monday, the company said that it seeks to double its volume of purchases of natural gas from Algeria by 2024, bringing them to 18 billion cubic meters per year.