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Friday, March 14, 2008

Italy's Eni, Enel set to start gas production in Siberia in 2010

MOSCOW, March 6 (RIA Novosti) - Italy's oil and gas giant Eni and electricity company Enel plan to launch natural gas production at deposits in northwest Siberia in early 2010, Enel said on Thursday. Eni and Enel acquired the deposits in the Yamalo-Nenets Autonomous Area in 2007 through liquidation auctions of Russia's once most powerful oil firm Yukos. "Gas under this project will start flowing at the beginning of 2010. In two to three years we expect to meet 50% of the requirements for gas fuel for our electric power plants [wholesale power generating company OGK-5], largely in the Urals," Enel CEO Fulvio Conti said. In April 2007 Eni and Enel invested $852 million in setting up a joint venture, SeverEnergia (formerly Enineftegaz), 60% owned by Eni and 40% by Enel, to purchase a group of promising gas fields in northwest Siberia, in particular, Arcticgaz, Urengoil and Neftegaztechnologia.

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