BURREN ENERGY, the oil and gas exploration and production company, is to pay $150m to increase its stake in a lucrative oil and gas field in the Congo, writes Grant Ringshaw.

The UK listed oil company is understood to have struck a deal with the Italian oil giant ENI to buy a further 5.5% share in the M’Boundi field and increase its stake in two adjacent projects.

The deal comes after ENI agreed last month to pay $1.4 billion to France’s Maurel & Prom for a 48.6% share of the M’Boundi field and controlling stakes in the adjacent Kouilou and Kouakouala fields.

Burren already has a 31.5% stake in the M’Boundi field, but had an agreement that allows it to buy out Maurel & Prom’s interests.

Burren is also increasing its stake in Kouakouala and Kouilou fields to 37%. M’Boundi is a huge field producing 56,000 barrels of oil each day.

The deal, expected to be announced tomorrow when Burren reports its full-year results, will add 15m barrels of oil to the company’s reserves — an increase of about 7%.

Unlike some of its more racy rivals, Burren has pursued a strategy of buying proven oil assets. This has led to six years of unbroken profits growth.

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