(Energy Analytics Institute, 4.Nov.2024) — Italy’s Eni closed the sale to Hilcorp of 100% of the Nikaitchuq and Oooguruk assets owned in Alaska for a value of $1bn.
The deal received the approval of all relevant authorities, and is in line with Eni’s strategy focused on the rationalization of the upstream activities by rebalancing its portfolio and divesting non-strategic assets, the company said 4 Nov. 2024 in an official statement.
Eni plans to continue to maintain a presence in the US in the upstream of Gulf of Mexico (GOM) as well as in energy transition projects in the renewables, biofuels and magnetic fusion spaces, the company said in the statement.
€8bn of net portfolio inflow between 2024-2027
Eni is committed to delivering a net €8bn of net portfolio inflow between 2024-27, and considering completed deals and actions in progress Eni now expects to substantially achieve the target by 2025, in less than two years.
Proceeds are anticipated to come from three main sources: 1) high-grading the Upstream portfolio, 2) diluting down high equity ownership exploration discoveries, and 3) accessing new pools of capital via Eni’s satellite strategy to support the growth of its transition businesses while confirming progress in value creation, the company said in the statement.
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By Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.
