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Eni (E), Sonatrach Enter MoU to Explore Algeria's Berkine Basin

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Zacks Equity Research
·2 min read
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Eni S.p.A. E has entered into a memorandum of understanding (MoU) with Sonatrach, a national state-owned oil company of Algeria.

Thus, the partnership between the companies has been strengthened, which will thereby boost oil and gas exploration and production activities in the prolific Berkine basin.

In order to boost investments in upstream operations, Algeria came out with a new energy law in 2019, following output and export declines. Under this new legal platform, the MoU will outline a roadmap to be followed for concluding several contracts.

Since 1981, Eni has been conducting operations in Algeria and hence, is a leading foreign upstream energy player in the country. Investors should also know that Algeria, a North African country, supplies significant gas volumes to Europe and is a member of the Organization of the Petroleum Exporting Countries.

Eni SpA Price

Eni SpA Price
Eni SpA Price

Eni SpA price | Eni SpA Quote

Headquartered in Rome, Italy, Eni currently carries a Zacks Rank #4 (Sell). Some better-ranked players in the energy space include Summit Midstream Partners, LP SMLP, DCP Midstream, LP DCP and HighPoint Resources Corporation HPR, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Summit Midstream has seen upward earnings estimate revisions for 2020 in the past seven days.

DCP Midstream has seen upward estimate revisions for 2020 earnings in the past 30 days.

HighPoint is likely to see earnings growth of 167.5% in 2020.

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Eni SpA (E) : Free Stock Analysis Report
 
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