Eni CEO Debunks Rumors Exiting Joint Rosneft Ventures Over Sanctions

ST. PETERSBURG (Sputnik) - Italian Eni did not make a decision to leave joint ventures with Russia's Rosneft because of sanctions, reports about this are pure speculations, company's CEO Claudio Descalzi told Sputnik Friday.
Sputnik

"We don’t quit the joint venture with Rosneft [in the Black sea, called Shatskmorneftegaz]. We have other projects in the Barents sea, we have other stuff to do. So, we are still remaining in the JVs with Rosneft. This is just rumors,” Descalzi said on the sidelines of the St. Petersburg International Economic Forum.

Several media outlets alleged in mid-May, citing reports from joint ventures of the two companies, that contrary to the declarations of the parties the US sanctions called into question the possibilities of the Italian Eni to finance oil projects with Rosneft on the Russian shelf.

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In May 2017, Rosneft and Eni signed a deal to expand cooperation on oil production. The document reinforced the companies' previous agreements, specifically those concerning offshore drilling in the Black and Barents seas. In addition, the parties agreed to consider further expanding their international cooperation.

In December, Rosneft’s CEO Igor Sechin said that Rosneft and Eni have started drilling the exploration well in the Zapadno-Chernomorskaya license area, having estimated in-place oil of up to 60 million tonnes and around 100 billion cubic meters of natural gas.

Moreover, Russian Ministry for Natural Resources and Environment said in Feruary that both energy giants have planned to complete drilling of the first deepwater exploration well in the Russian Black Sea area in the first quarter of 2018.

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