Eni closes Alaskan asset sale for $1 billion

SAN DONATO MILANESE, November 4, 2024 – Eni has formally closed the sale of its Nikaitchuq and Oooguruk assets in Alaska to US oil and gas company Hilcorp for a value of USD 1 billion, the Italian major announced on Monday.

Eni had announced it had entered into a binding agreement with Hilcorp for the sale of the assets in June 2024. Having received the approval of all relevant authorities, the parties have proceeded to close the transaction.

The Oooguruk oilfield is located in the Beaufort Sea approximately 5 kilometres offshore Alaska’s North Slope coast and has been in production since 2008. Nikaitchuq is located approximately 13 kilometres northeast of Oooguruk and has been in production since 2011.

As part of its 2024-2027 plan, Eni is seeking to generate a EUR 8-billion inflow by divesting non-strategic upstream assets, diluting its equity ownership in exploration discoveries and attracting capital to its transition businesses, such as through the October 2024 sale of a 25% stake in its biorefining business Enilive to KKR for EUR 2.9 billion.