Eni Sells Two Offshore Oil and Gas Assets in Alaska

Italian energy giant Eni has signed a binding agreement with Hilcorp, one of the largest U.S. private companies, for the sale of its upstream offshore assets Nikaitchuq and Oooguruk in Alaska. This transaction is consistent with Eni’s strategy focused on the rationalization of the upstream activities by rebalancing its portfolio and divesting non-strategic assets. Within its financial framework, Eni is committed to delivering a net $8.55 billion (€8 billion) of net portfolio inflow, front-end loaded, by 2027.

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. The closing of this transaction is subject to appropriate regulatory approvals and other customary terms and conditions. The value of the transaction will be announced upon its closing, Eni said.

To remind, Eni acquired 70% and operatorship of the Oooguruk oil field in Alaska, increasing its interest to 100% back in 2019. The Oooguruk oil field, located in the Beaufort Sea approximately 5 kilometers off Alaska’s North Slope coast, has been in production since 2008. Eni already is also the operator with full working interest in the Nikaitchuq oil field, located approximately 13 km North-East of Oooguruk. Nikaitchuq has been in production since 2011.

Source: oedigital.com