Eni will acquire Heritage Oil’s 50 per cent interest in Blocks 1 and 3A, located in the Lake Albert Basin, Uganda, and expects to play a leading role in the development of the necessary pipeline and associated infrastructure to commercialise the oil resources.
Under the agreement Eni will pay $US1.35 billion for the interest and acquire the operatorship in the two blocks, which have resources of more than 1 Bboe, with 700 MMbbl having already being discovered through the drilling of 28 wells in the area.
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An Eni spokesperson has said that the development of these resources will require great synergy with Uganda’s infrastructure programs and that the company intends to play a leading role in partnership with government authorities to construct the necessary infrastructure.
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