Eni in $300 million deal to sell Africa assets to Perenco

Eni has struck a $300 million deal to sell none-core assets in Congo-Brazzaville to French independent Perenco.

The transaction came just days after the Italian major agreed to buy privately-owned Neptune Energy for $4.9 billion, and is the latest in a spate of transactions in Africa by Perenco.

Eni did not disclose the assets but stressed they are stakes in several permits that are not crucial to its growth strategy in the country.

The transaction value is about $300 million, said the seller, a figure that includes firm and contingent considerations and which is subject to customary adjustments.

Eni said it is the only company committed to develop Congo-Brazzaville’s gas resources, in particular through the Congo LNG project, which will exploit the gas held in the Marine XII block and also provide feedstock for a domestic power plant.

Congo LNG is due to reach an overall capacity of about 4.5 billion cubic metres per year.

Eni currently supplies gas to the Congo Electric Power Station, which generates 70% of the country’s electricity.