Russ Oil-Gas

29 April 2008 - Upstream OnLine - Italy's Eni will offer Russian gas giant Gazprom upstream assets outside Italy worth $350 million as part of their asset swap deal, Eni boss Paolo Scaroni said today. "We have decided to focus investment opportunities in the upstream sector and not in Italy," Reuters quoted Scaroni telling a news conference. Eni and Gazprom formed a strategic partnership in 2006, to focus on both upstream and downstream in the oil and gas sectors, said Reuters. The exchange of assets is part of the agreement. Scaroni said earlier this month his group would offer Gazprom a stake in the Elephant oilfield in Libya but the deal required approval from Tripoli. "The first asset is Elephant in Libya, in which we hold 33% and think to cede a third to Gazprom. If this asset is enough considering the value to offer to them, then the deal is done. Otherwise we will look at other assets in Libya or elsewhere," said Scaroni.