Oil, Eni completes sale of fields in Alaska for $1 billion

Eni has finalised the agreement for the sale to Hilcorp of 100% of the assets of Nikaitchuq and Oooguruk, oil fields held in Alaska worth USD 1 billion. The group announced this in a note underlining that the transaction, which has received approval from all relevant authorities, is in line with Eni's strategy focused on optimising upstream activities through a rebalancing of its portfolio and the disposal of non-strategic assets. As part of Eni's financial structure to support its growth strategy, the Company has committed to achieving net portfolio revenues of EUR 8 billion over the 2024-27 Plan period.

Considering the finalised transactions and ongoing actions, the note further states, Eni now substantially expects to reach the target by 2025, in less than two years. Revenue will come from three main sources: optimising the Upstream portfolio, diluting high equity stakes in exploration discoveries and accessing new pools of capital through the Company's satellite strategy to support the growth of its transition-related businesses, while confirming progress in value creation. Eni will continue to have a presence in the US upstream activities in the Gulf of Mexico and in energy transition-related projects in the renewable energy, biofuels and magnetic fusion energy sectors.