Petroleum Africa
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Wednesday, June 28, 2023
Italian energy major Eni has signed an agreement for the sale of Eni participation interest in several permits in Congo to independent oil and gas producer Perenco.
Perenco already holds assets in the Republic of Congo where it was producing 85,000 barrels of oil equivalent per day in December 2022. The company is active in six countries across the continent and most recently inked a deal with New Age to acquire its Etinde assets in Cameroon.
The transaction value is approximately $300 million, including firm and contingent consideration, subject to customary adjustments. Eni states the assets are non-core to the company strategy in the country. Closing is subject to the authorization of relevant local and regulatory authorities.
Eni has been present in Congo for over 50 years and is committed to develop the country’s vast gas resources, in particular through the Congo LNG project which will exploit the huge gas resources of Marine XII, fulfilling the country’s power generation needs while also fueling LNG exports, supplying new volumes of gas to international markets focusing on Europe. The project is expected to reach an overall liquefied natural gas (LNG) production capacity of approximately 4.5 billion cubic meters/year. Eni currently supplies gas to the Congo Electric Power Station (CEC), which provides 70% of the country’s electricity production.
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