The transaction is consistent with Eni’s strategy to focus its Upstream activities on major developments
Eni sells some upstream assets in Congo to Perenco. (Credit: ingrs from Pixabay)
Eni announced the closing for the sale to Perenco of Eni participation interest in several upstream permits in Congo, non-core to the Company strategy in the Country, after having obtained the approval of relevant authorities.
The transaction is consistent with Eni’s strategy to focus its Upstream activities on major developments.
Eni has been present in Congo for over 50 years. The Country is at the core of Eni’s strategy with regards to the security of supplies and the energy transition initiatives.
To date, Eni is the only company committed to develop the Country’s vast gas resources, in particular through the Congo LNG project, fulfilling the country’s power generation needs while also fuelling LNG exports, supplying new volumes of gas to international markets focusing on Europe.
Eni currently supplies gas to the Congo Electric Power Station (CEC), which provides 70% of the country’s electricity production, and is strongly committed to promoting energy transition in the country, including developing agri-feedstock production initiatives destined for biorefining and not in competition with the food supply chain.
Source: Company Press Release