Italian global oil and gas major Eni has announced the sale of its oil assets in the Republic of Congo to independent Anglo-French hydrocarbons firm Perenco in a $300 million deal.
The oil assets include Eni’s operations and interest in various exploration and production permits in the central African country.
Eni’s move aligns with its strategy to diversify its business portfolio, prioritize low-carbon energy resources, and achieve net-zero targets.
The focus is on developing gas resources to ensure energy security, environmental sustainability, and global impact, according to a press release.
The deal comes at a time when Eni is developing infrastructure for the Congo liquefied Natural Gas (LNG) project which will enable the production of up to 4.5 billion cubic meters of gas per year from the Marine XII fields both for local consumption and for export to Europe. Today, Eni supplies gas used by Congo to generate electricity at the Congo Electric Power Station which provides 70% of the country’s total electricity.