Damon Evans, SINGAPORE: Eni plans to fast-track an liquefied natural gas (LNG) development at the Evans Shoal gasfield, which has lain undeveloped since its discovery 13 years ago. The Italian firm and its partners are understood looking at range of LNG-development options, including a plant on shore in northern Australia, or floating production.
Eni agreed last month to buy Santos’s 40% stake in Evans Shoal for up to $350 million, surprising analysts with the amount it was willing to pay. Confirming the agreement this week, it also revealed a second deal under which it will sell a 7.5% stake to Shell, an existing partner in and operator of the field.
Under the terms of the deal, Eni will pay $250 million up-front to Santos, plus up to $100...