MILAN, Italy, Oct. 16 (UPI) -- An executive from Italian energy company Eni said he discussed prospects for the development of Russian waters with his Russian counterpart.
As part of an agreement signed in April, Rosneft takes a controlling interest in a joint venture that will develop the Fedynsky and Tsentralno-Barentsevsky license area in the Barents Sea and the Zapadno-Cernomorsky in the Black Sea.
Eni described the areas as having "great mining potential."
The Italian energy company had estimated there are at least 36 billion barrels of oil equivalent in recoverable reserves in the deposits on Russia's continental shelf.
Eni didn't offer a timeline for development of either of the projects in Russian waters.
"During the meeting, the parties also discussed the state of the European and global oil and gas market and opportunities for further cooperation between the two companies outside the Russian Federation," stated Eni.
|Additional Energy Resources Stories|
REYKJAVIK, Iceland, June 19 (UPI) --Iceland's new prime minister this week cited the country's mackerel fishing dispute with the European Union as a prime example of the value of sovereignty.
PARIS, June 18 (UPI) --Engine-maker Pratt & Whitney has announced delivery of its 100th F135 propulsion system to the U.S. government for the F-35 Lightning II fighter.