Eni has signed an agreement with Perenco for the sale of Eni's interest in a number of licences in Congo that are not essential to the company's strategy in the country.
The value of the transaction is approximately US$300 million, including firm and contingent consideration, subject to customary adjustments.
Closure is subject to authorisation from the relevant local and regulatory authorities.
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 the country's vast gas resources, in particular through the Congo LNG project, which will exploit the enormous gas resources of Marine XII, meeting the country's power generation needs while fuelling LNG exports, supplying new volumes. of gas to international markets with a focus on Europe. The project is expected to reach an overall liquefied natural gas (LNG) production capacity of around 4.5 billion cubic metres/year. Eni currently supplies gas to the Congo Electricity Plant (CEC), which provides 70% of the country's electricity production.
Eni is strongly committed to promoting energy transition in the country: among the main initiatives, the Oyo Centre of Excellence for Renewable Energy and Energy Efficiency has been handed over to the Republic of Congo's Ministry of Higher Education, Scientific Research and Technological Innovation, which will manage it jointly with UNIDO (United Nations Industrial Development Organization). The company is also developing initiatives to produce agro raw materials for the biorefinery that do not compete with the food industry.