Eni has signed a binding agreement with Hilcorp, a U.S. company with extensive experience in Alaskan operations, to sell 100% of its Nikaitchuq and Oooguruk assets in Alaska.
Sale of upstream assets to Hilcorp
This agreement reflects Eni’s financial focus on strengthening its distinctive growth strategy. The company’s objective is to generate a net portfolio cash flow of 8 billion euros, within the framework of the 2024 Plan until 2027. This goal will be achieved through three main revenue streams: high valuation of the upstream portfolio, dilution of exploration discoveries with high equity participation and access to new equity funds through its satellite strategy.
In addition, Eni is focused on supporting the growth of its energy transition businesses and confirming progress in value creation. The sale to Hilcorp will allow Eni to focus on key areas of its business, while optimizing its portfolio to meet future challenges and take advantage of growth opportunities in emerging sectors.
In summary, the Hilcorp transaction will enable the implementation of Eni’s strategy, which seeks sustained growth and efficient management of its assets. By selling its Alaskan assets, Eni can redirect its resources to new projects that offer greater strategic and economic value.
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Source and photo: Eni
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