Italian oil and gas company Eni is planning to divest its oil assets to reduce its exposure to oil and focus on natural gas and non-fossil fuel assets, reported Reuters, citing the energy group’s CEO Claudio Descalzi.

Descalzi, however, also said he could not comment on the potential sale of oil assets by the Italian company in the near term.

As per the business plan, the company stated that between 2023 and 2026 it plans to have net proceeds of €1bn ($1.1bn) from the balance drawn between asset divestment and acquisitions.

Last month, Eni signed a $300m deal to sell some of its non-core oil permits in the Republic of Congo (Congo) to Anglo-French oil and gas company Perenco.

In Congo, Eni plans to promote the energy transition through initiatives including the Oyo Centre of Excellence for Renewable Energy and Energy Efficiency.

The deal comes days after Eni and its Norwegian unit Vår Energi signed a €4.51bn agreement to acquire private equity-backed exploration and production company Neptune Energy.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Neptune owns a portfolio of gas-oriented assets and operations in western Europe, North Africa, Indonesia and Australia.

Speaking at the presentation of a report by the International Renewable Energy Agency in Rome, Descalzi said the acquisition of Neptune would reduce Eni’s average carbon intensity as the private equity-backed company is focused on natural gas.

Descalzi said: “This is why the acquisition of Neptune is not in contrast with the energy transition path.”