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(E) ENI signs deal with Croatia's INA for 320 million euro
By Nenad N. Bach | Published  07/15/2002 | Business | Unrated
(E) ENI signs deal with Croatia's INA for 320 million euro

ENI signs deal with Croatia's INA for 320 million euro gas development project

ENI SpA said it has signed an agreement with Croatia's INA to develop gas reserves discovered offshore of Croatia in a project with a total investment of 320 million euro.

An intense exploration campaign carried out by the INAGIP joint venture has led to the discovery of 20 billion cubic metres of gas, or 120 million barrels of oil equivalent, ENI said.

"The project is in line with the growth targets set by ENI's strategic plan for production and reserves replacement," said ENI CEO Vittorio Mincato.

"The development of gas reserves offshore of Croatia will benefit from great synergies with the plants already existing in the Ravenna (Italy) offshore and its industrial area," he said.

"This joint initiative will enable to expand the use of natural gas in the Croatian market and at the same time will establish a link for the future of gas from Italy to Croatia," he said.

Production of the gas found in the fields of Invana, Ika, Annamaria and Marica will start in 2004, the company said.

Development will involve drilling of 18 directional wells, construction of nine platforms in 60 metres of water and undersea pipelines for 120 kilometres, it said.

© AFX News

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