- Eni SpA, Italy’s largest oil company, is considering selling part or all of its onshore Nigerian operations as it seeks to divest peripheral businesses amid a drop in oil prices, Bloomberg reports.
- Eni has asked advisers to look at options for the assets, which include interests in oil and natural-gas fields in the West African country.
- Depending on what Eni decides to sell, the transaction may raise from $2 billion to $5 billion. It could also decide to keep the operations.
- Eni’s Chief Executive Officer Claudio Descalzi has announced plans to sell assets worth 8 billion euros ($8.8 billion) in 2015-2018, including shares in subsidiaries Galp Energia SGPS and Snam SpA. He also proposed a 17 percent cut in investment over the same four years compared to previous plans to adjust to lower prices.
- Eni’s wholly owned subsidiary in the country, Nigerian Agip Oil Co., operates under a joint-venture agreement with Nigeria’s state oil company NNPC and ConocoPhillips. NAOC also operates two onshore exploration licences.
Source: Bloomberg
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