Eni exits Nikaitchuq, Oooguruk oil fields offshore Alaska with Hilcorp sale

(WO) – Eni has signed a binding agreement with Hilcorp, one of the largest private U.S. companies with extensive experience operating in Alaska, for the sale of 100% of the Nikaitchuq and Oooguruk assets, owned by Eni. Financial details were not disclosed.

The Nikaitchuq and Oooguruk oil fields lie offshore Alaska in the Beaufort Sea. Eni acquired 100% of the Oooguruk field in 2019. The field has been producing since 2008. Additionally, Nikaitchuq has been producing since 2011. Together, the fields produce roughly 22,000 bpd.

This transaction is consistent with Eni's strategy, focused on the rationalization of the upstream activities by rebalancing its portfolio and divesting non-strategic assets.

Eni set a goal to deliver a net €8 billion of net portfolio inflow, front-end loaded, over the 2024-27 Plan. Proceeds are anticipated to come from three main sources: high-grading the Upstream portfolio, diluting down high equity ownership exploration discoveries, and accessing new pools of capital via Eni’s satellite strategy to support the growth of its transition businesses while confirming progress in value creation.