This deal is part of Eni’s broader plan to rebalance its portfolio by divesting non-core assets. Credit: T. Schneider/Shutterstock.

Italian oil and gas company Eni has completed the sale of its Nikaitchuq and Oooguruk oil assets in Alaska, US, to Hilcorp in a deal valued at $1bn.

This deal, which was signed in June 2024, is part of Eni’s broader plan to rebalance its portfolio by divesting non-core assets.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The Nikaitchuq field, which began production in January 2011, is expected to continue operations for more than 30 years, with peak production projected at 28,000 barrels per day (bpd).

Eni acquired full ownership of the Oooguruk field in 2019, and in 2023, these fields together produced approximately 20,000bpd, representing around 1.2% of Eni’s total consolidated production.

Eni will maintain its presence in the US through its upstream operations in the Gulf of Mexico, as well as its involvement in energy transition projects in renewables, biofuels and magnetic fusion.

The divestment is also in line with the company’s target to generate a net portfolio inflow of €8bn within its 2024–27 plan.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

It will raise around €4bn from the sale of oil and gas assets, with an equivalent amount expected from minority stake sales and initial public offerings of its low-carbon units.

The company expects to reach this target by 2025, in less than two years, because of completed transactions and ongoing initiatives.

 According to Eni, the proceeds will come from three main areas: upstream portfolio optimisation and the reduction of equity stakes in exploration discoveries.

Additionally, new capital will be accessed through Eni’s satellite strategy to bolster the growth of its transition businesses.

Last month, KKR, a US-based fund, signed an agreement to acquire a 25% stake in Enilive, the biofuel subsidiary of Eni, for €2.93bn.

This deal enables Eni to retain control of Enilive while advancing its satellite model to support the independent growth of businesses.