Eni announces completion of sale of Alaska upstream assets to Hilcorp
Published by Alfred Hamer,
Editorial Assistant
Oilfield Technology,
Eni has announced that it has achieved the closing for the sale to Hilcorp of 100% of the Nikaitchuq and Oooguruk assets owned in Alaska for a value of US$1 billion.
Eni said the transaction, which received the approval of all relevant authorities, is in line with Eni’s strategy focused on the rationalisation of the upstream activities by rebalancing its portfolio and divesting non-strategic assets.
Within Eni’s financial structure Eni said it is committed to delivering a net €8 billion of net portfolio inflow over the 2024-27 Plan 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: high-grading the upstream portfolio, diluting down high equity ownership exploration discoveries, and accessing new pools of capital via Eni’s satellite strategy to support the growth of its transition businesses while confirming progress in value creation.
Eni will continue to be present in the US in the upstream of Gulf of Mexico as well as in energy transition projects in the renewables, biofuels and magnetic fusion.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/04112024/eni-announces-completion-of-sale-of-alaska-upstream-assets-to-hilcorp/
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