Eni has struck a deal to sell its non-core assets in Congo Brazzaville to Perenco for $300 million.
The Italian company said the $300mn included firm and contingent considerations. It is subject to “customary adjustments”, it said. Local and regulatory authorities must approve the sale.
Eni did not disclose the licences covered by the sale. It mentioned the importance of Congo to its strategy, in particular on developing Congolese gas assets.
Eni reports production from 18 blocks, of which it operates 12 – with 10 offshore and two onshore. In the upstream, its focus is around the deep waters off Pointe Noire and, onshore, in Koilou.
The Congo LNG project will see Eni exporting gas from the Marine XII licence, both for domestic demand and as LNG. LNG exports should reach 4.5 billion cubic metres per year, it said.
It is working on two floating LNG (FLNG) projects on Marine XII. The first should start up this year, producing 0.6 million tonnes per year. The second will increase LNG output to 3mn tpy by 2025.
Eni also has exploration in the Marine VI BIS block, with a 65% stake.