The world’s seventh-largest oil company has invested heavily in expanding its operations in countries like Cyprus, Egypt, and Indonesia over the years. But more recently, ENI has set its sights on Northern Europe, a region abundant in energy-rich hydrocarbons, the same molecules found in crude oils. A deal finalized this June between Eni and Rosneft, Russia’s largest oil producer, should help. Under the joint venture, they will explore Russia’s Barents and Black Seas, as well as share technology and staff. For both parties, the upside may be huge: The area is estimated to contain 36 billion barrels of oil equivalent.
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