Eni (NYSE: E) announced Tuesday that it has reached an agreement to sell its shares in its entities in Pakistan to Prime International Oil & Gas Company.
The activities covered by the agreement include interests in eight development and production leases in the Kithar Fold Belt and the Middle Indus Basins, as well as four exploration licenses in the Middle Insud and the Indus Offshore Basins. Eni said its main permits were in Bhit/Badhra (40 percent working interest) and Kadanwari (18.42 percent working interest).
Eni noted that its latest deal aligns to its wider strategy of reshaping and simplifying the company’s portfolio, extracting additional value from its strategic assets, and disposing its non-core businesses, as per its Strategic Plan 2021-2024.
Prime International Oil & Gas Company is a newly established business formed by Eni’s former local employees team and Hub Power Company Ltd, which is described as the largest Independent Pakistani Power Producer.
According to its website, Eni has been in Pakistan since 2000 in the exploration and production and gas and power sectors, although the company’s local development support in the country began in the 1970s. Back in 2019, Eni produced 37 billion cubic feet of gas and seven million barrels of oil from Pakistan, its website shows.
Claudio Descalzi, Eni’s chief executive officer, presented the company’s 2021-2024 strategic plan on February 19, 2021. As part of the plan, the company committed to the full decarbonization of all its products and processes by 2050 and announced the merging of its renewable and retail businesses.
Eni, which was established in 1953, describes itself as an energy company that concretely supports a just energy transition. As of 2019, the business employed more than 31,000 people and conducted operations in over 65 countries, Eni’s website shows.
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