Italy’s energy giant Eni has clinched a deal with the U.S.-based Hilcorp to sell two oil assets off the coast of Alaska, as part of its ongoing efforts to rebalance its upstream portfolio and divest non-strategic assets.
At the time, the Italian oil major was already the operator, with 100% working interest, of the Nikaitchuq oil field, situated around 13 km northeast of Oooguruk. This field has been in production since 2011.
The Oooguruk
The Oooguruk acquisition enabled the firm to boost its production in Alaska by approximately 7,000 bopd gross.
Eni, which had a 30% interest, got its hands on an additional 70% stake and operatorship of the Oooguruk oil field in 2019. Located in the Beaufort Sea approximately 5 kilometers off Alaska’s North Slope coast, the field has been in production since 2008.
Eni
Currently, Eni is committed to delivering a net €8 billion of net portfolio inflow, front-end loaded, over the 2024-27 plan, with proceeds anticipated to come from three main sources.
Upstream portfolio
This encompasses high-grading the upstream portfolio, diluting down high equity ownership exploration discoveries, and accessing new pools of capital via the firm’s satellite strategy to support the growth of its transition businesses while confirming progress in value creation.
Hilcorp
It is noteworthy ,The binding agreement enables Hilcorp to acquire Eni’s 100% interests in the Nikaitchuq and Oooguruk fields in Alaska.
While the amount the Italian player will get for the sale has not been disclosed, the firm did add that the value will be revealed upon the closing of the transaction, which is subject to appropriate regulatory approvals and other customary terms and conditions.
Crude oil, natural gas
Eni SpA (Eni) is an integrated oil and gas company that discovers, explores, develops, and produces crude oil, natural gas and condensates.
The company is also involved in the supply, trading, and shipping of natural gas, LNG, electricity, and fuels. It has operations in Italy, Cyprus, the UK, Portugal, Algeria, Egypt, Gabon, Nigeria, Russia, Venezuela and other countries.
Processes crude oil
Through its refineries, Eni processes crude oil and other oil-based feedstock to produce fuels, lubricants, and allied products. It commercializes these products through wholesalers and retail networks.
The company has properties across Italy, the Rest of Europe, the Americas, Asia and Africa regions. Eni is headquartered in Rome, Lazio, Italy.
