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Gazprom Acquires a Stake in Elephant Oil Project

Source: www.gulfoilandgas.com 2/16/2011, Location: Africa

In the presence of Russian President Dmitry Medvedev and Italian Prime Minister Silvio Berlusconi a Farm-out Agreement for the Elephant project Production Sharing Agreement (PSA) has been signed in Rome between Alexey Miller, Chairman of the Gazprom Management Committee and Paolo Scaroni, Chief Executive Officer of Eni.

Pursuant to the document, Gazprom will acquire 50 per cent of Eni's stake in the consortium participating in Libya's oil field development under the PSA terms, that is 33.33 per cent of the international consortium. The asset to be acquired is valued at some USD 163 million.

Once signed, the Farm-out Agreement will be submitted to the Libyan party for approval.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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