Eni agrees to sell Alaska upstream assets to Hilcorp

Eni has entered into a binding agreement to sell its entire stake in the Nikaitchuq and Oooguruk oil fields in Alaska to US energy company Hilcorp.

The financial details of the transaction have not been revealed.

According to Reuters, financial analysts have projected that the sale could yield between $428m (€400.14m) and $855m, with indications from some sources leaning towards the upper limit of this range.

The Nikaitchuq field, which commenced production in January 2011, is expected to operate for more than 30 years with peak production estimated at 28,000bpd.

Eni gained full ownership of the Oooguruk field in 2019. In 2023, these fields collectively produced around 20,000bpd, accounting for approximately 1.2% of Eni’s total consolidated production.

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Eni said the sale aligns with its strategy to streamline its upstream activities and focus on assets that are core to its portfolio.

“This transaction is consistent with Eni’s strategy focused on the rationalisation of the upstream activities by rebalancing its portfolio and divesting non-strategic assets,” the company’s statement read.

The company has outlined a financial strategy to generate a net inflow of €8bn over the 2024–27 period, with plans to high-grade its upstream portfolio, reduce its stake in high-equity ownership exploration discoveries and leverage new capital sources to support its transition businesses.

The completion of the Alaska asset sale is contingent on regulatory approvals and customary closing conditions.

Last week, reports emerged that Eni is considering selling up to 30% of its exploration operations in Ivory Coast, which could potentially bring in around €1bn for the company.