The Croatian oil company Ina has agreed the purchase of the Italian oil company Eni's stake in natural gas fields in the northern Adriatic, Ina said on Wednesday.

The company said it would become the sole owner of Eni’s local subsidiary Eni Croatia BV, and take over the management of the North Adriatic and Marica fields, upon approval of the move by market regulators.

Ina did not reveal the value of the transaction.

The acquisition refers to an estimated 4.3 million barrels of oil equivalent (BOE) reserves, and will increase gas production by around 2,500 barrels of oil equivalent a day (BOE/D), or close to 380,000 cubic metres of gas per day.

The deal with make Ina become, for the first time in its history, the sole operator of an off-shore exploitation field. The transaction will also enable further investments by Ina in the exploitation fields of North Adriatic and Marica.

After the transaction, all the gas extracted in the North Adriatic exploitation field will be directed into Croatia’s supply system, while the natural gas produced at the Marica exploitation field will continue to be delivered to Italy, in line with terms of a gas sale agreement signed by Ina and Eni.

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