Eni Mulls Exit from Pakistan: Press

Italian oil major Eni is looking to sell its upstream business in Pakistan after almost two decades working in the country, local media reported on June 21.

A company official confirmed to The Express Tribune that the firm’s assets were up for sale in Pakistan. “Eni is looking to sell its upstream exploration and production business in Pakistan,” the newspaper reported citing a document containing information related to the assets available for sale.

The company needs clearance from Pakistan’s energy ministry to proceed with the plan. An official at the ministry told The Express Tribune that Eni had not yet officially notified the director-general of petroleum concessions (DGPC) office or the ministry about the decision.

Sources told the newspaper that the company had decided to sell the assets because of declining gas production rates at its existing fields and lacklustre results from exploration. Eni’s current production in Pakistan is centred at its operated Bhit, Badhra and Kadanwari permits and its non-operated Zamzama, Sawan, Latif, Miano, Tajjaland and Mitha permits.