Eni streamlines Congo strategy with $300m Perenco deal

Italian oil and gas company, Eni, has announced the sale of its participation interest in several permits in Congo to Perenco.

The permits sold are considered non-core to Eni’s strategic operations within the country.

The deal between Eni and Perenco, an independent oil and gas company, amounts to approximately $300 million. This figure includes both firm and contingent consideration and is subject to customary adjustments. The finalization of the transaction is currently pending authorization from the relevant local and regulatory authorities.

Eni has held a presence in Congo for more than half a century and considers the country as a critical component of its strategy for secure supplies and energy transition initiatives. It remains the only company currently committed to developing Congo’s significant gas resources, primarily through the Congo LNG project. This project aims to exploit the vast gas resources of Marine XII to meet the country’s power generation needs and fuel LNG exports, providing new volumes of gas to international markets, with a particular focus on Europe.

The Congo LNG project is projected to achieve an overall liquefied natural gas (LNG) production capacity of approximately 4.5 billion cubic meters per year. Furthermore, Eni is currently supplying gas to the Congo Electric Power Station (CEC), which is responsible for producing 70% of the country’s electricity. The sale to Perenco underscores Eni’s continued commitment to strategically focusing its efforts on significant projects within Congo.