Italian energy company Eni has agreed to divest its stake in several non-core oil permits in Congo to Anglo-French oil and gas company Perenco for around $300m.

The transaction value includes firm and contingent consideration. The closing of the deal is subject to the authorisation of relevant local and regulatory authorities.

Eni has been operating in Congo for more than five decades, in both offshore and onshore exploration and production sector, along with refining, marketing and chemicals.

In Congo, the company carries out upstream activities in the conventional and deep offshore area opposite Pointe-Noire and in the onshore Koilou area.

It intends to promote energy transition in the country, through initiatives including the Oyo Center of Excellence for Renewable Energy and Energy Efficiency.

Eni, in a statement, said: “To date, Eni is the only company committed to developing the Country’s vast gas resources, in particular through the Congo LNG project which will exploit the huge gas resources of Marine XII, fulfilling the country’s power generation needs while also fuelling LNG exports, supplying new volumes of gas to international markets focusing on Europe.”

Eni’s $5bn Congo LNG project is expected to reach an overall liquefied natural gas (LNG) production capacity of about 4.5 billion cubic meters per annum, from 2025.

The LNG project involves the installation of two floating natural gas liquefaction plants at the already producing Nenè and Litchendjili fields, and at additional fields that are due to be developed.

The Italian energy company currently supplies gas to the Congo Electric Power Station (CEC), which addresses 70% of the electricity production in Congo.

Furthermore, the company is undertaking initiatives for the development of agro-biofuels at an industrial level that does not compete with the food supply chain.

Recently, Eni and Vår Energi have agreed to acquire UK-based offshore oil and gas company Neptune Energy for a total enterprise value of $4.9bn.