Eni has bought a 32.5% stake in the Evans Shoal gas field, which lies in the Timor Sea, offshore Australia, from Santos for $350m.
The field has up to seven trillion cubic feet of gas in place and is located in the NT/P48 exploration permit in the north Bonaparte Basin, 300km north-west of Darwin.
The acquisition is in line with an earlier agreement signed between the two companies, and is subject to a positive final investment decision for field development and the level of 2P reserves.
In a separate deal, Eni agreed to sell a 7.5% equity share in exploration permit NT/P48 to Shell Development (Australia) Proprietary Limited.
The transactions are subject to normal consents and regulatory approvals.
Shell will be the operator of the NT/P48 exploration permit with a 32.5% stake once the deals are complete, while Eni, Petronas Carigali (Australia) and Osaka Gas Australia will hold 32.5%, 25% and 10%, respectively.