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International business negotiations news: Eni signs MEO Australia deal

Eni and MEO Australia have signed an agreement over gas discoveries.

18 May 2011

International business negotiations have resulted in Italian energy corporation Eni signing an agreement with MEO Australia.

The deal will see the latter part farm-in to the Heron and Blackwood gas discoveries in the Timor Sea.

It will also involve Eni earning 50 per cent from yields taken from the Heron area, where the company will fund the drilling of two wells.

The Italian firm suggested that the agreement represents "a significant opportunity" and is in-line with plans for the corporation to increase its presence in Australia and south-east Asia.

Similar comments were issued by MEO, which suggested the deal is in line with its strategy to partner with leading firms to "unlock value in its portfolio".

"Following successful appraisal of the Heron and/or Blackwood gas discoveries the joint venture will evaluate all potential commercialisation paths for the resources," it said.

This comes after Deutsche Borse's management urged acceptance of a merger with NYSE Euronext, citing the "significant strategic opportunities" such a pairing would bring.

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