Eni announced the closing for the sale to Hilcorp of 100% of the Nikaitchuq and Oooguruk assets owned in Alaska for a value of $1 billion.

This transaction comes in line with company’s strategy focused on the streamline its upstream activities by rebalancing its portfolio toward more strategic and growth-oriented opportunities, Eni said.

The company aims to achieve a net €8 billion net portfolio inflow over the 2024-27 Plan period. With the completion of this sale and other deals in progress, Eni currently expects to meet its target by 2025, well ahead of schedule.

The proceeds from the sale are expected to be utilized in three key areas: enhancing the quality of Eni’s upstream portfolio through high-grading, reducing its equity stake in high-cost exploration projects, and leveraging new capital sources through its satellite strategy.

Eni said that it remains committed to its presence in the United States, with ongoing upstream activities in the Gulf of Mexico and a continued focus on energy transition projects.