Eni today reached an agreement for the sale of its shares in the activities in Pakistan to Prime International Oil & Gas Company, a newly established company formed by a team of former local employees of Eni and by Hub Power Company Ltd, the main producer of Pakistani electricity.
The activities covered by the agreement consist of investments in eight development and production licenses in the Kithar Fold Belt and Middle Indus basins and four exploration licenses in the Middle Indus and Indus Offshore basins. Eni's main activities in the country consisted of investments in the Bhit / Badhra (with a 40% stake) and Kadanwari (18,42%) fields. Other holdings were in the permits Latif (with a 33,3% stake), Zamzama (17,75%) and Sawan (23,7%).
Today's agreement is part of Eni's strategy to redefine and simplify the company's upstream portfolio, extracting further value from strategic assets and divesting non-core activities, as established by the 2021-2024 four-year strategic plan.