Eni Finalizes $1 Billion Sale of Alaskan Oil Assets to Hilcorp, Strengthens Focus on Core Portfolio and Energy Transition

Eni Finalizes $1 Billion Sale of Alaskan Oil Assets to Hilcorp, Strengthens Focus on Core Portfolio and Energy Transition

(IN BRIEF) Eni has completed the sale of its Alaskan oil assets, Nikaitchuq and Oooguruk, to Hilcorp for $1 billion. This divestment aligns with Eni’s strategy to streamline its upstream portfolio by focusing on core assets and contributing to its €8 billion net inflow target by 2025. While exiting these Alaskan fields, Eni will continue its U.S. operations in the Gulf of Mexico and expand its involvement in energy transition initiatives like renewables and biofuels.

(PRESS RELEASE) MILAN, 5-Nov-2024 — /EuropaWire/ — Eni has finalized the sale of its 100% ownership in the Nikaitchuq and Oooguruk oil fields in Alaska to Hilcorp for a total transaction value of $1 billion. The sale, which has received full regulatory approval, aligns with Eni’s strategic focus on streamlining its upstream portfolio by divesting assets deemed non-core.

This divestment is part of Eni’s broader financial strategy to generate €8 billion in net portfolio inflows by 2027, a target it now expects to largely reach by 2025. Eni’s approach to this goal involves high-grading its upstream portfolio, reducing its stake in high-ownership exploration discoveries, and tapping into new capital sources to support growth in its energy transition ventures. These efforts underscore Eni’s commitment to growth while also optimizing its portfolio to strengthen value creation.

While divesting these Alaskan assets, Eni remains committed to its U.S. operations, retaining its upstream presence in the Gulf of Mexico and actively pursuing energy transition projects, including renewables, biofuels, and magnetic fusion.

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SOURCE: Eni