Italy’s Eni, US major Occidental, France’s Total and the Algerian group Sonatrach signed a $4 billion oil and gas production-sharing contract Tuesday for the Berkine field in the country’s southeast.
Eni SPA, upstream operator of Area 4 offshore Mozambique, has introduced natural gas from the 16-tcf Coral South reservoir to the 3.4-million tonne/year Coral Sul floating LNG (FLNG) plant.
The Minister of State for Energy Affairs, President and CEO of QatarEnergy, Saad Sherida Al-Kaabi, and Eni CEO, Claudio Descalzi, signed the partnership agreement for the creation of the new Joint Venture company during an official ceremony today.
Oil prices hit US$120 a barrel on Monday after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply.