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Eni signed a share purchase agreement with Ukrainian state-owned National Joint Stock Co., Nak Nadra Ukrayny and Cadogan Petroleum Plc, to acquire a 50% interest and operatorship of the Ukrainian company WestGasInvest.
WestGasInvest currently holds subsoil rights to nine unconventional gas license areas in the Lviv Basin of Ukraine, totaling approximately 3,800 sq km of acreage. This agreement was developed within the frameworks of the memorandum of understanding between Eni and Nadra Ukrayny, and the cooperation agreement with Cadogan Petroleum, both signed in 2011.
The Lviv Basin is considered to be one of the most prospective basins in Europe for the exploration of unconventional gas, being also the prosecution of the Lublin Basin in Poland, which has already attracted substantial interest from the hydrocarbon industry.