Eni to Acquire BP's Business in Algeria

By Giulia Petroni

Eni SpA said Wednesday that it has agreed to acquire BP PLC's business in Algeria in a deal set to further contribute to Europe's gas needs.

The Italian oil-and-gas major said the acquisition includes BP's working interests of 33.15% and 45.89% in two gas-producing concessions located in the Southern Sahara.

The assets, known as "In Salah" and "In Amenas," are jointly operated with Algeria's state producer Sonatrach and Norway's Equinor ASA. In 2021, they produced approximately 11 billion cubic meters of gas and 12 million barrels of condensates and liquefied petroleum gas, Eni said.

The transaction is subject to the approvals of competent authorities. Financial details weren't released.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

09-07-22 0535ET