Perenco boosts its portfolio with Eni’s oil assets in Congo

Italian energy giant Eni has wrapped up the sale of its participation interest in several oil permits in Congo, which it deems as non-core assets based on its strategy in the African country.

Eni inked an agreement with Perenco in June 2023 to sell its participation interest in several permits in Congo. The deal was valued at approximately $300 million, including firm and contingent consideration, subject to customary adjustments. The closing of the divestment process was subject to the authorization of relevant local and regulatory authorities.

According to the Italian oil major, the sale of its participation interest in several upstream permits in Congo has now been completed. This is consistent with the firm’s strategy to focus its upstream activities on major developments. Congo, where Eni has been present for more than 50 years, is at the core of the firm’s strategy related to the security of supplies and energy transition initiatives. 

The Italian giant claims to be the only company committed to developing the country’s gas resources, particularly through the Congo LNG project, fulfilling the country’s power generation needs while fuelling LNG exports, supplying new volumes of gas to international markets, and focusing on Europe.

Furthermore, the company currently supplies gas to the Congo Electric Power Station (CEC), which provides 70% of Congo’s electricity production. Eni highlights its commitment to promoting energy transition in the country, including developing agri-feedstock production initiatives destined for biorefining and not in competition with the food supply chain.

Recently, Eni confirmed a significant hydrocarbon discovery in another African country, Côte d’Ivoire. The oil major described the discovery as the second largest one in the country.

During a meeting in London with the UK’s Secretary of State for Energy Security and Net Zero, Eni’s CEO used the opportunity to reiterate its intention to continue contributing to the UK’s energy security, which was reinforced with the Neptune acquisition. In addition, the oil major confirmed its role as “a key partner” in the country’s net zero transition.

On the other hand, Perenco is currently undertaking drilling activities at an appraisal well close to the Hylia South West discovery, which was made in December 2022 off the coast of Gabon through the exploration well HYSM-1. The firm is also working on a five-well development drilling campaign at a field off Cameroon, Central Africa.