Italian major Eni on Monday agreed sell its assets in Pakistan to locally owned Prime International Oil&Gas Company, as part of its plans to simplify the company's portfolio and dispose of non-core business, according to a statement.
The newly established Prime International Oil&Gas Company was set up by former Eni employees and Hub Power Company Ltd, Pakistan's largest independent Pakistani power producer, said the statement.
Eni's assets in Pakistan included 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, the statement said.
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%).
