Italian oil and gas giant Eni has concluded the sale of its participation interest in several upstream permits in Congo to Perenco, as it shifts focus on its major developments in the country.
Eni and Perenco did not disclose any additional details regarding the value of the deal, or which assets were sold.
At the time the deal was first announced in June 2023, Eni said the transaction value was approximately $300 million, including firm and contingent consideration, subject to customary adjustments.
According to Eni, the transaction is consistent with its 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 Congo’s vast gas resources, in particular through the Congo LNG project, fulfilling the country’s power generation needs while also fueling 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.