Congo: Eni finalizes sale of "non-core" assets to Perenco

Italian oil and gas giant Eni has completed the sale of its stake in several upstream licenses in Congo to Perenco, as it now focuses on its major developments in the country.

Eni and Perenco did not disclose any further details about the value of the transaction or which assets were sold.

At the time the deal was first announced in June 2023, Eni stated that the value of the transaction was approximately $300 million, including firm and contingent consideration, subject to customary adjustments.

According to Eni, the transaction is consistent with its strategy of focusing its upstream activities on major developments.

Eni has been present in Congo for over 50 years. The country is at the heart of Eni's strategy in terms of security of supply and energy transition initiatives.

To date, Eni is the only company committed to developing Congo's vast gas resources, notably through the Congo LNG project, meeting the country's power generation needs while also fuelling LNG exports, supplying new gas volumes to international markets focused on Europe.

Eni currently supplies gas to the Congo Electric Power Station (CEC), which ensures 70% of the country's electricity production, and is strongly committed to promoting the country's energy transition, notably by developing initiatives to produce agricultural raw materials for biorefinery that do not compete with the food supply chain.