Italy's Eni agrees to sell two Alaska upstream assets to Hilcorp
FILE PHOTO: The logo of Italian multinational energy company Eni is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
ROME (Reuters) - Italy's Eni said on Thursday it had signed a binding agreement to sell its Nikaitchuq and Oooguruk upstream offshore assets in Alaska to U.S. private company Hilcorp.
The value of transaction will be announced at closing, the Italian energy group said.
"This transaction is consistent with Eni's strategy focused on the rationalisation of the upstream activities by rebalancing its portfolio," it added in a statement.
Eni aims to raise 8 billion euros ($8.56 billion) in net proceeds by the end of 2027 by selling upstream assets, reducing ownership in exploration discoveries and tapping new investors to fund the growth of its low-carbon units.
Eni acquired full control of the Oooguruk oilfield in 2019, when it bought from Caelus Natural Resources Alaska LLC the 70% of the asset it did not already own.
The field, located in the Beaufort Sea approximately 5 kilometres off Alaska's North Slope coast, has been in production since 2008.
The Nikaitchuq offshore oilfield is approximately 13 kilometres northeast of Oooguruk.
With these move Eni will significantly reduce its presence in the region where it was mainly producing oil.
($1 = 0.9351 euros)
(Reporting by Francesca Landini; editing by Alvise Armellini and Jason Neely)