Eni divests Alaskan oil assets to Hilcorp

USA

SAN DONATO MILANESE, June 28, 2024 – Eni has signed a binding agreement to sell 100% of its Nikaitchuq and Oooguruk assets in Alaska to US oil and gas company Hilcorp, Eni announced on Thursday.

Oooguruk oilfield is located in the Beaufort Sea approximately 5 kilometres offshore Alaska’s North Slope coast and has been in production since 2008. Nikaitchuq is located approximately 13 kilometres northeast of Oooguruk and has been in production since 2011.

The transaction is part of Eni’s plan to rationalise its upstream activities by rebalancing its portfolio and divesting non-strategic assets. The company is seeking to generate EUR 8 billion of net portfolio inflow by 2027, in part by diluting down high equity ownership exploration discoveries.

Eni will disclose the financial terms of the deal upon its formal close, which is subject to regulatory approvals and customary terms and conditions.

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