Eni in Val Shatskogo talks

Italian energy giant ENI logo is pictured during the presentation of results and strategy press conference at ENI's headquarters in Milan, on February 15, 2008. Enel reported today that its 2007 adjusted net profit fell 9.0 percent to 9.47 billion euros (13.82 billion dollars) as a strong euro and higher costs more than offset rising oil prices. AFP PHOTO DAMIEN MEYER

In talks: Eni is reportedly negotiating terms of a joint development of the Val Shatskogo oilfield with Russia's Rosneft

DAMIEN MEYER

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By News Wires

 27 September 2011 07:25 GMT

Italy's Eni is negotiating terms of a joint development of the Val Shatskogo oilfield, in the Black Sea, with Russian producer Rosneft, according to reports.

Russian business daily Kommersant, citing sources close to the talks, said Eni may acquire 33% in the project and fund initial exploration works estimated at around $1 billion.

Rosneft, according to the newspaper, is looking to get access to Eni's projects in Libya but a source said the list of possible Libyan projects was not outlined yet.

A Rosneft spokesman declined to comment.

Earlier this year, Rosneft's president said French oil producer Total had offered to replace Chevron as a partner in the Val Shatskogo project.

Last summer, Chevron signed a deal to join Rosneft…

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