Eni Sells Pakistan Assets to Employee Start-Up
Eni has agreed to sell its upstream assets in Pakistan to Prime International Oil & Gas for an undisclosed sum, the Italian energy company said March 9. Prime International is a start-up formed by Eni's local employees in consortium with Hub Power, the largest independent generator in Pakistan.
The activities include interests in eight development and production leases in the Kithar Fold Belt, and the Middle Indus basins and four exploration licences in the Middle Indus and the Indus Offshore basins. Eni's main permits were in Bhit/Badhra (40% working interest) and Kadanwari (18.42% working interest). Other shares were in the permits for Latif (33.3%), Zamzama (17.75%) and Sawan (23.7%). Annual production is 1.1bn m³/yr of gas and 7mn barrels of oil equivalent.
Eni said the agreement was part of its "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."