Eni has signed an agreement with Centrica plc to acquire an increased interest in the Liverpool Bay oil and gas fields in the Irish Sea and divest several non-core assets in the North Sea.
Under the new agreement, Eni will acquire Centrica's 8.9% interest in the Liverpool Bay fields and as a result will increase its total holdings in the assets to 53.9%. Liverpool Bay is a recent development (first production occurred in late 1995) which has material production levels (currently producing approximately 110 kboepd gross) and significant upside potential. In exchange, Centrica will acquire Eni's interests in the Armada Area (5.58%), and the Renee (17.26%), Rubie (4.78%) and Goldeneye (4.5%) fields, together with associated exploration interests and receive a balancing cash payment.
These assets transaction are part of an ongoing program to optimize Eni's UKCS portfolio, building in high quality core assets while disposing of low materiality interests in high risk or mature fields.
The choice of the city of Helsinki is not incidental as the capital of Finland had hosted US-Soviet negotiations on the limitation of nuclear stockpiles in 1969