November 5, 2013 / 10:10 AM / 6 years ago

Eni signs U.S. onshore shale oil deal with Quicksilver

MILAN, Nov 5 (Reuters) - Italian oil and gas group Eni said it had reached an agreement with Quicksilver Resources to explore and develop onshore shale oil reservoirs in the United States.

In a statement on Tuesday Eni said it would pay up to $52 million to take a 50 percent stake in Quicksilver acreage in the Leon Valley area in West Texas.

“The Leon Valley acreage is located in the prolific Delaware Basin, where current production amounts to nearly 500,000 barrels of oil equivalent per day, both from conventional and unconventional reservoirs,” Eni said.

Eni currently produces more than 90,000 barrels of oil equivalent in the U.S., 70 percent of which is operated by Eni.

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