Eni completes sale of upstream assets to Perenco in Congo

Eni has announced the successful closure of sale to Perenco of Eni’s participation interest in several upstream permits in Congo, after having obtained the approval of relevant authorities.

The transaction is consistent with Eni’s strategy to focus its upstream activities on major developments, and is non-core to the company strategy in Congo, the company said in a statement. Eni has been present in Congo for over 50 years, and the country is at the core of Eni’s strategy with regards to the security of supplies and the energy transition initiatives, it said.

To date, Eni is the only company committed to developing Congo’s vast gas resources, in particular through the Congo LNG project, fulfilling the country’s power generation needs while also fuelling LNG exports, supplying new volumes of gas to international markets focusing on Europe, Eni said.

The Italian energy giant currently supplies gas to the Congo Electric Power Station (CEC), which provides 70% of the country's electricity production, and is strongly committed to promoting energy transition in the country, including developing agri-feedstock production initiatives destined for biorefining and not in competition with the food supply chain.

The transaction in Congo follows a significant oil and gas discovery by Eni offshore West Africa, that was announced last week. The discovery, named Calao, stands as the second largest in the Ivory Coast, following the Baleine field discovered by Eni in September 2021. Drilling operations took place approximately 45 km offshore in block CI-205, reaching a depth of 5,000 m in water depths of around 2,200 m.

The well encountered light oil, gas, and condensates in various intervals of Cenomanian age characterised by good to excellent permeability values. Preliminary assessments indicate potential resources ranging between 1 and 1.5 Bboe. Eni operates the block in partnership with Petroci Holding.

The President of the Republic of Ivory Coast, Alassane Ouattara, and Claudio Descalzi, the Chief Executive Officer of Eni, met in Abidjan to discuss the appraisal and development plans for the discovery, including Eni’s commitment to meet the country’s domestic needs.