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Eni exits upstream activities in Croatia

BUSINESS
Eni exits upstream activities in Croatia

Italy's oil and gas giant Eni has agreed to sell its upstream activities in Croatia to local oil and gas company INA, Eni said in a statement on Wednesday.

INA will now become the sole owner and operator of Croatia’s Northern Adriatic and Marica offshore fields under the deal, once it is approved by antitrust authorities, Eni said.

Eni said it currently produces about 2,500 barrels of oil equivalent - or nearly 380,000 cubic metres of gas - per day in Croatia.

Croatian natural gas will continue to be supplied to Italy under a commercial agreement between INA and Eni, the company said.

Wednesday's deal marks Eni's exit from the upstream sector in Croatia, where it has had a presence since 1996 in partnership with INA, the company stated.

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