Italy’s Enel to invest 1 bln euros in Yamal gas proj in 2011–2015

MOSCOW, Jul 25 (PRIME) — Italian energy company Enel plans to invest about 1 billion euros in a project to produce natural gas at fields located on Russias Yamal Peninsula in 20112015, Enels Executive Vice President Carlo Tamburi said at a news conference Monday, RIA Novosti reported.

The project is to be developed by SeverEnergiya. At present, Yamal Razvitiye, a joint venture between oil and gas producer Novatek and Gazprom Neft, a unit of natural gas giant Gazprom, presently owns 51% in SeverEnergiya, with the remaining owned by Arctic Russia B.V., a joint venture in which Eni owns 60% and Enel 40%.

Through a number of wholly-owned subsidiaries, SeverEnergiya is licensed to develop four oil and gas fields in Yamalo-Nenets Autonomous District with total reserves amounting to 919 billion cubic meters of gas, 330 million tonnes of oil, and 109 million tonnes of condensate.


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