Italian energy giant Eni SpA has announced the sale of two high-quality upstream assets in Alaska to Hilcorp, a prominent private American company with extensive operational experience in the region.
The assets, Nikaitchuq and Oooguruk, in which Eni holds a 100% stake, are being divested as part of the company’s strategic move to streamline and consolidate its upstream operations.
Transaction Value and Strategic Alignment
While the exact transaction value remains undisclosed, financial analysts estimate it to be between $428 million and $855 million, according to Reuters.
Eni has stated that the final value will be revealed upon closing. The sale aligns with Eni’s “distinctive growth-oriented strategy” and its commitment to generate a net cash flow of €8 billion by 2027, as outlined in its 2024-2027 Plan.
Continued Presence in the Gulf of Mexico
Despite the divestment in Alaska, Eni remains a significant player in the U.S. energy landscape, particularly in the Gulf of Mexico. In April, the company received approval from Mexico’s upstream regulator to drill an exploratory well named Yopaat 1 in its Zone 9 blocks, which it operates in the deep waters of the Gulf of Mexico.
Increased Deepwater Discoveries in the Gulf of Mexico
Major oil companies, including Eni, continue to invest heavily in the Gulf of Mexico, with a notable increase in deepwater discoveries. Offshore-mag reported earlier this year that the number of deepwater oil and gas discoveries in the Gulf of Mexico rose from three in 2022 to eight in 2023.
This trend highlights the region’s ongoing importance in the global energy landscape.