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Eni, Rosneft discuss Russian OCS

Oct. 16, 2012 at 8:51 AM

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.

Eni's Chief Executive Officer Paolo Scaroni met in Rome with his Rosneft counterpart Igor Sechin to discuss joint projects in Russian waters.

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.

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