 |
Louisiana Light • 2 days | 86.99 | -0.61 | -0.70% | ||
|
Bonny Light • 6 days | 86.00 | -0.62 | -0.72% | ||
|
Opec Basket • 2 days | 87.43 | +0.92 | +1.06% | ||
|
Mars US • 243 days | 76.40 | -1.43 | -1.84% | ||
|
Gasoline • 10 mins | 2.589 | +0.016 | +0.61% |
|
Bonny Light • 6 days | 86.00 | -0.62 | -0.72% | ||
|
Girassol • 6 days | 87.27 | -0.38 | -0.43% | ||
|
Opec Basket • 2 days | 87.43 | +0.92 | +1.06% |
|
Peace Sour • 5 hours | 75.81 | -0.57 | -0.75% | ||
|
Light Sour Blend • 5 hours | 78.06 | -0.57 | -0.72% | ||
|
Syncrude Sweet Premium • 5 hours | 82.41 | -1.72 | -2.04% | ||
|
Central Alberta • 5 hours | 76.31 | -0.57 | -0.74% |
|
Eagle Ford • 2 days | 79.29 | -0.57 | -0.71% | ||
|
Oklahoma Sweet • 2 days | 79.25 | -0.50 | -0.63% | ||
|
Kansas Common • 2 days | 73.00 | -0.75 | -1.02% | ||
|
Buena Vista • 3 days | 89.85 | +1.84 | +2.09% |
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Italian Oil Giant Eni to Divest Over $4B in Upstream Assets
Italian oil giant Eni is planning to divest over $4 billion in upstream assets, with Indonesia and Cyprus among those potentially targeted, Bloomberg reported on Monday, citing unnamed sources.
Eni is seeking to divest a total of 8 billion euros, or over $4 billion in upstream assets over the next three years, Bloomberg reported, with divestments potentially including both smaller projects that could be scooped up by local buyers, or stakes in larger projects.
Eni did not comment on the report for Bloomberg.
The Bloomberg report follows an announcement last week that Eni would sell two high-quality upstream assets in Alaska, signing a binding agreement with Hilcorp, a large US privately owned firm, to sell the Nikaitchuq and Oooguruk assets in which it has a 100% stake. According to Reuters, financial analysts estimate the deal value to be somewhere between $428 million and $855 million.
Eni is pursuing a plan that aims to cluster its upstream activities in a “distinctive growth-oriented strategy”.
Eni is committed to delivering a net €8 billion of net portfolio inflow, front-end loaded, over the 2024-27 Plan.
In May, Eni said it was considering spinning off some stakes in oil and gas projects in Asia and Africa to have partners for their development while putting aside more money into lower-carbon energy projects.
Overall, the Italian energy giant has approached things differently than its peers, attempting to either divest or create joint ventures or international oil and gas projects, while grouping and spinning off some low-carbon projects in a “satellite strategy”.
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Last year, Eni agreed to sell a 9% stake in its low-carbon energy unit Plenitude which values the business at around $10.8 billion. Plenitude is active in the market of power generation including renewable energy sources, the sale of energy and energy solutions, and an extensive network of EV charging points.
By Charles Kennedy for Oilprice.com
More Top Reads From Oilprice.com:
- Russia Appears to Be Amassing a Dark Fleet to Ship LNG
- U.S. Oil, Gas Drilling Activity Plummets
- OPEC: The World Cannot Run on Renewable Energy and EVs
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