The two companies signed a framework agreement in 2006, which included a possible exchange of assets.
“Gazprom has not yet decided which of our assets it is interested in,” Paolo Scaroni, chief executive officer of Eni said on 23 November. “Today it will be discussed. We presented Gazprom with a list of North African assets.”

In October, Eni said it would invest $14bn in Libya in the next 10 years, as part of negotiations on a 25-year extension to its gas activities in the country (MEED 19:10:07). The company also has assets in Algeria, Egypt, Tunisia and Morocco.
Gazprom and Eni announced on the morning of 23 November an agreement to carry out feasibility studies for the estimated $15bn South Stream pipeline to transfer Russian gas to Europe via the Black Sea.
It was the latest sign of the co-operation between the companies and followed the appointment of two Eni executives to the board of directors at Gazprom subsidiary Gazprom Neft on 19 November. They are Marco Alvera, vice-president of supply and portfolio development, and Stefano Cao, chief operating officer of exploration and production.
Eni has a 20 per cent stake in Gazprom Neft, which it bought in April from bankrupt Russian oil firm Yukos. Gazprom, which already owns 75 per cent of Gazprom Neft, has the right to buy Eni’s stake in the next two years.