Eni acquires BP's oil concessions in Algeria

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Eni, the Italian energy company, announced the acquisition of two gas-producing concessions from the British oil and gas corporation BP in Algeria.

"Eni announces that it has achieved the closing for the acquisition of BP business in Algeria, regarding the two gas-producing concessions 'In Amenas' and 'In Salah', which are jointly operated with [Algerian state-owned oil company] Sonatrach and [Norwegian state-owned multinational energy company] Equinor," the Italian company said in a statement.

Eni's production in Algeria is projected to increase to more than 130,000 barrels of oil per day in 2023 as a result of these acquisitions and development initiatives in Algeria's Berkine basin, according to the announcement.

BP, which was founded in 1909, is one of the world's six largest oil and gas businesses. Eni is involved in the discovery, development, and production of oil and gas, as well as the processing, marketing, trading, and transportation of raw materials and renewables operating in 69 countries. Additionally, the company said on Monday that it plans to increase its natural gas purchases from Algeria by 2024, to 18 billion cubic meters per year.

Earlier in the same context, on Sunday, Italian energy firm Eni announced in a statement that it discovered a new gas field off the coast of Egypt in the Nargis Offshore Area Concession.

The energy giant has been conducting business in Egypt since 1945 via its ancillary, IEOC. 

On January 29, Eni and Libya's state-owned National Oil Corporation (NOC) inked an $8 billion gas deal on Saturday, Reuters reported on Sunday.

Back in November 2022, Algeria and Italy signed agreements to improve energy connections and expand Algeria's energy exports to Italy.