Italian major ENI has achieved the closing of its acquisition of BP business in Algeria, the company says in a release.
The transaction, the company explains, “has been approved by the competent national and antitrust authorities”.
The assets are the British explorer’s equity in the two gas-producing concessions “In Amenas” and “In Salah”, which are jointly operated with Sonatrach and Equinor.
The In Amenas Gas Project, commenced production in 2006, and by November 2021, had recovered 84.42% of its total recoverable reserves, with peak production in 2009, which was approximately 21.27 thousand Barrels Per Day (BPD) of crude oil and condensate, 870Million standard cubic feet per day (87 MMscf/d) of natural gas and 28,000BPD of natural gas liquids. The field, as of November 2021, was now expected to recover 159Million Barrels of Oil Equivalent (159MMBOE), comprised of 36.61MMbbls of crude oil & condensate, 466.32Bscf of natural gas reserves and 44MMbbls of natural gas liquid reserves.
The In Salah Complex conventional gas field, which commenced output in 2003, recovered 49.15% of its total recoverable reserves, with peak production expected in 2023, according to market data published by Offshore technology website as of December 2021. The peak production will approximately 880MMscf/d of natural gas. Based on economic assumptions, production will continue until the field reaches its economic limit in 2062. The field currently accounts for approximately 4% of the country’s daily output.
