ENI Announces the Sale of its Pakistan Assets to Prime International Oil&gas Company

Source Press Release
Company ENIPrime International Oil&Gas CompanyThe Hub Power Company Ltd. 
Tags Corporate Deals, Deals, Renewable Energy, Power, Upstream Activities
Date March 09, 2021

This agreement aligns to Eni's wider strategy of reshaping and simplifying the company's portfolio, extracting additional value from its strategic assets and disposing non-core businesses as per its 4y Strategic Plan.

Eni reached an agreement today to sell its shares in its entities in Pakistan to  Prime International Oil&Gas Company, a newly established company formed by former Eni’s local employees team and  Hub Power Company Ltd, the largest Independent Pakistani Power Producer.

The activities covered by the agreement include interests in eight development and production leases in the Kithar Fold Belt, and the Middle Indus Basins and four exploration licenses in the Middle Insud and the Indus Offshore Basins. Eni's main permits were in Bhit/Badhra (40% of working interest) and Kadanwari (18.42% of working interest). Other shares were in the permits for Latif (33.3%), Zamzama (17.75%) and Sawan (23.7%).

This agreement aligns to Eni's wider strategy of reshaping and simplifying the company's portfolio, extracting additional value from its strategic assets and disposing non-core businesses as per its Strategic Plan 2021-2014.

Source: EvaluateEnergy® ©2021 EvaluateEnergy Ltd