Italian oil and gas company Eni has agreed to divest stakes in several non-core oil permits in the Republic of Congo (Congo) to Anglo-French oil and gas company Perenco for a figure in the region of $300m (€273.97m).

The deal value includes firm and contingent consideration, and the transaction is subject to approval from relevant local and regulatory authorities.

In Congo, Eni is planning to promote the energy transition through initiatives including the Oyo Centre of Excellence for Renewable Energy and Energy Efficiency.

In a press statement, Eni said: “To date, Eni is the only company committed to develop the Country’s vast gas resources, in particular through the Congo LNG [liquefied natural gas] project, which will exploit the huge gas resources of Marine XII, fulfilling the country’s power generation needs while also fuelling LNG exports, supplying new volumes of gas to international markets focusing on Europe.”

The $5bn Congo LNG project, which forms part of Eni’s core supply diversification initiatives, is expected to have an overall LNG production capacity of three million tonnes per year from 2025.

The gas liquefaction project involves the installation of two floating natural gas liquefaction plants at the already producing Nenè and Litchendjili fields, and at additional fields that are due to be developed.

The latest deal comes days after Eni and its Norwegian unit Vår Energi signed a $4.9bn agreement to acquire private-equity backed exploration and production company Neptune Energy.

Neptune owns a portfolio of gas-oriented assets and operations in western Europe, North Africa, Indonesia and Australia.