Italian oil and gas company Eni has completed the sale of its Nikaitchuq and Oooguruk oil assets in Alaska, US, to Hilcorp in a deal valued at $1bn.

This deal, which was signed in June 2024, is part of Eni's broader plan to rebalance its portfolio by divesting non-core assets.

The Nikaitchuq field, which began production in January 2011, is expected to continue operations for more than 30 years, with peak production projected at 28,000 barrels per day (bpd).

Eni acquired full ownership of the Oooguruk field in 2019, and in 2023, these fields together produced approximately 20,000bpd, representing around 1.2% of Eni's total consolidated production.

Eni will maintain its presence in the US through its upstream operations in the Gulf of Mexico, as well as its involvement in energy transition projects in renewables, biofuels and magnetic fusion.

The divestment is also in line with the company's target to generate a net portfolio inflow of €8bn within its 2024-27 plan.

It will raise around €4bn from the sale of oil and gas assets, with an equivalent amount expected from minority stake sales and initial public offerings of its low-carbon units.

The company expects to reach this target by 2025, in less than two years, because of completed transactions and ongoing initiatives.

According to Eni, the proceeds will come from three main areas: upstream portfolio optimisation and the reduction of equity stakes in exploration discoveries.

Additionally, new capital will be accessed through Eni's satellite strategy to bolster the growth of its transition businesses.

Last month, KKR, a US-based fund, signed an agreement to acquire a 25% stake in Enilive, the biofuel subsidiary of Eni, for €2.93bn.

This deal enables Eni to retain control of Enilive while advancing its satellite model to support the independent growth of businesses.

"Eni closes $1bn sale of Alaska upstream assets" was originally created and published by Offshore Technology, a GlobalData owned brand.