Italy’s Edison sold its exploration and production (E&P) assets in Norway to Sval Energi, Norwegian oil and gas group, for $300 million to focus on clean energy.
Edison stated that the agreement’s cost include its debt, highlighting the effect on its net financial position “is estimated to be significantly higher than that amount.” The agreement is expected to close before the end of June, which involves five exploration concessions and reserves of 25.9 million barrels of oil equivalent (mmbbloe).
It should be noted that Edison is now looking to sell some non-operational stakes in Algerian upstream activities. It has recently sold its upstream oil and gas assets to Energean in Italy, Egypt, Greece, the UK and Croatia and it has almost left the E&P market. The company also planned to invest the sales proceeds in energy transition businesses, such as renewables and energy efficiency.