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Eni, Enel, Gazprom To Develop Russia's Arctic Gas, Urengoil

Eni SpA and Enel SpA said they signed an agreement with OAO Gazprom to develop the Russian Arctic Gas and Urengoil assets

Italy's two biggest energy companies seek to tap into Russia's vast hydrocarbon fields.

In a joint statement, Eni and Enel said further agreements were signed for Gazprom to take an equity stake in Severenergia, as established in a 2006 deal. Severenergia is a Russian venture in which Enel owns a 40% stake and Eni the remaining 60%.

Eni and Enel bought in April 2006 some of the assets of Russian bankrupt company OAO Yukos in a controversial auction.

Thursday, Eni and Enel said they will "immediately" work with Gazprom on approving the asset development plan, as well as the adjustments needed in the relevant mineral licenses.

Author: Ksenia Kochneva