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Eni Signs Deal to Divest Alaska Offshore Assets to Hilcorp

Eni SpA (NYSE: E) signed a binding agreement to divest its Nikaitchuq and Oooguruk upstream offshore assets in Alaska to the United States-based private company Hilcorp. The strategic move aligns with Eni's ongoing efforts to rebalance its upstream portfolio and divest non-strategic assets. Per the agreement, Hilcorp will fully acquire Eni's interests in the Nikaitchuq and Oooguruk fields. Eni had initially held a 30% interest in the Oooguruk oil field. In 2019, the company acquired the remaining stake and operatorship. The field, located in the Beaufort Sea, 5 kilometers off Alaska's North Slope coast, has been in production since 2008. The latest acquisition allowed Eni to significantly enhance its production capabilities in Alaska by 7,000 barrels of oil per day (Bo/d) gross. In addition, Eni was already the operator with a 100% working interest in the Nikaitchuq oil field, situated 13 kilometers northeast of Oooguruk. Nikaitchuq has been in production since 2011, further strengthening Eni's presence in the Alaska oil sector. The divestment is part of Eni's broader strategy to generate a net portfolio inflow of €8 billion over the 2024-2027 period. The company plans to achieve this through high-grading its upstream portfolio, diluting high equity ownership in exploration ...