Italian energy giant ENI recently inked six oil exploration and production-sharing contracts with the African country of Gabon, local news reports revealed on December 29. Covering an area of more than 7,300 square kilometres (2,800 square miles), the contracts inked week before last in Libreville by Gabonese President Omar Bongo and other top officials, marked the return to the country of ENI Holding BV several years after its departure because of some financial disputes.

The agreements include offshore areas in the north, in particular the north Atlantic sedimentary basin which Gabon’s energy minister said “has proven oil reserves.” Others are located onshore, including in the area near the capital Libreville. The Gabonese government reportedly estimates the country’s oil production at 13,863 tonnes for next year, a 7.8 percent hike from 2008 thanks to private investments and putting new oilfields into production.

ENI, of which 37 percent is owned directly or indirectly by the Italian government, is Europe’s fourth largest oil group and the world’s seventh, employing some 76,000 people in nearly 70 countries. It reported sales of 83.5 billion Euro (USD 119 billion) in the first three quarters of 2008.