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Italy's Eni eyeing up Barents Sea natural gas deposits

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ROME, May 25 (RIA Novosti) - Eni (LSE: ENI, NYSE: E) is aiming to be involved in exploration of gas deposits in the Barents Sea, the head of the Italian natural gas company said Thursday.

The Barents Sea includes the vast Shtokman gas field, 650km (400 miles) from the port of Murmansk, holds an estimated 3.2 trillion cu m of natural gas and 31 million metric tons of gas condensate.

Paolo Scaroni said Eni planned to increase annual natural gas production 3% in 2009-2012, and that the company planned to get involved in long-term development of deposits in the Barents Sea, as well as in Kazakhstan and western and northern Africa.

He added that the company also planned to ink long-term contracts with Algeria's Sonatrach, the Netherlands' Gasunie, Norway's Statoil and Russian energy giant Gazprom (RTS: GAZP).

Italy is the third largest European natural gas market after the United Kingdom and Germany. Natural gas accounts for over 30% of Italy's energy balance, and imports, mainly from Algeria and Russia, accounted for some 86% of the country's natural gas demand last year.

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