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April 17, 2018, 6:28 a.m. EDT

Eni extends alliance with Algerian state company

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By Marc Bisbal

Eni SpA (ENI.MI) said Tuesday that it has signed a series of agreements with the Algerian state hydrocarbon company Sonatrach to extend their partnership.

The oil-and-gas company said that the goal of the agreements is to strengthen the integration between the companies in their joint activities in Algeria. The goal will be achieved through synergies, which will in turn lead to significant cost savings and improved operational efficiency, Eni said.

"The launch of an ambitious exploration and development program in the Berkine basin will be particularly important. It will lead to the production of new gas reserves through the use and optimization of existing infrastructures," it said.

Eni and Sonatrach have also agreed to continue collaborating in their research and development efforts, Eni said.

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