Italian major Eni has sold its stake in several upstream oil permits in Congo to Anglo-French oil and gas company Perenco, in a deal reportedly valued at around 300 million dollars.
"The transaction is consistent with Eni’s strategy to focus its upstream activities on major developments," the company said in a statement late on Tuesday.
Congo's authorities approved the sale to Perenco of the oil assets, which Eni deems "non-core".
Congo is central to Eni’s strategy related to the security of supplies and to the green transition, the statement said.
Eni has operated in Congo for 50 years and claims to be the only company committed to developing the country's "vast" gas resources, especially through the Congo Liquid Natural Gas project.
Eni's LNG project is meeting Congo's energy needs while also boosting LNG exports and supplying more gas to international markets, with a focus on Europe, according to the statement.
Eni currently supplies gas to the Congo Electric Power Station (CEC), which generates 70% of the country's electricity production.
The company is "strongly committed" to helping drive Congo's green transition, including by developing agri-feedstock production schemes destined for biorefining, which are not in competition with the food supply chain, the statement concluded.
