Italian oil and gas company Eni reached an agreement to sell its shares in its entities in Pakistan to Prime International Oil&Gas Company.
Prime International Oil&Gas Company is a newly established company formed by former Eni’s local team and Hub Power Company, the first and the largest independent Pakistani power producer.
The agreement includes interests in eight development and production leases in the Kithar Fold Belt and the Middle Indus Basins, and four exploration licenses in the Middle Insud and the Indus Offshore Basins.
Eni’s main permits were in Bhit/Badhra (40 per cent of working interest) and Kadanwari (18.42 per cent of working interest). Other shares were in the permits for Latif (33.3 per cent), Zamzama (17.75 per cent), and Sawan (23.7 per cent).
This move is in line with Eni’s wider strategy of reshaping and simplifying the company’s portfolio, extracting additional value from its strategic assets, and disposing of non-core businesses. This was all defined by the company’s strategic plan.