Eni has signed a Share Purchase Agreement with Ukrainian state-owned Nak Nadra Ukrayny and Cadogan Petroleum to acquire a 50.01% stake and operatorship of the Ukrainian company Westgasinvest. Westgasinvest currently holds subsoil rights to 9 unconventional (shale) gas license areas in the Lviv Basin of Ukraine. This agreement was developed within the frameworks of the Memorandum of Understanding (MoU) between Eni and Nadra Ukrayny, and the Cooperation Agreement with Cadogan Petroleum, both signed in 2011.
Eni made its entry in the European unconventional gas landscape in 2010 through the acquisition of 3 licenses in the Polish Baltic Basin on which it is currently operating, leveraging the extensive knowledge and expertise acquired through its JV in the Barnett Shale in Texas, the first shale gas basin in the world to be developed on a large-scale. Eni has been present in Ukraine since 2011 in the Zagoryanska and Pokroskoe licenses located in the Dniepr-Donetz Basin and operates with Cadogan.