A new off-shore oil field in Alaska was started by Eni SpA on Thursday. The total investment will be $1.45 billion.
The field is located offshore in the North Slope of Alaska.
Eni have obtained a 30% stake in it due to acquisition of Armstrong Oil & Gas' Alaskan assets and the remaining 70% from Andarko in the first quarter of 2007.
Eni S.p.A. is an Italian multinational oil and gas company, with a presence in 70 countries, currently Italy 's largest industrial company, with a market capitalization of 98 billion euros (US $131 billion) as of February 2007. It was recently privatized, the first 14.7 percent being sold to the public for $4.1 billion in 1995.