Finance
Eni pockets $1 billion from Alaska upstream assets sale
Global Banking & Finance Review®
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MILAN (Reuters) – Italian energy group Eni said on Monday it pocketed $1 billion from a planned sale of the Nikaitchuq and Oooguruk upstream offshore assets in Alaska to U.S. private company Hilcorp.
Eni disclosed the value of the deal in a statement announcing its finalisation of the sale.
Under its business plan, Eni aims to raise 8 billion euros in net proceeds in the 2024-2027 period by selling upstream assets, reducing ownership in its main exploration discoveries and tapping new investors to fund the growth of its low-carbon units.
“Considering completed deals and actions in progress Eni now expects to substantially achieve the target by 2025, in less than two years,” the group said in the statement on Monday.
(Reporting by Elvira Pollina, editing by Cristina Carlevaro)
Upstream assets refer to the exploration and production segment of the oil and gas industry, involving the extraction of crude oil and natural gas from the earth.
A business plan is a formal document outlining the goals, strategies, and financial projections of a business, serving as a roadmap for its operations and growth.
Low-carbon investment refers to financial investments made in projects or companies that aim to reduce carbon emissions and promote sustainable energy solutions.
Asset divestment is the process of selling off a business asset or subsidiary, often to streamline operations or raise capital for other investments.
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