Eni secures strategic alliance with Rosneft in Russian exploration, gaining a 33.33% stake in three offshore arctic exploration blocks

Eni is the second IOC to sign a strategic partnership with Rosneft on frontier offshore exploration in the Barents and Black Seas. The agreement follows a similar strategic partnership established between ExxonMobil and Rosneft in August 2011. The alliance will enable Eni to farm-in for 33.3% stakes in two blocks on the Arctic shelf and a deepwater block in the Black Sea. Eni will carry the first phase of exploration costs, estimated at US$2 billion. Eni is already an established ...