Eni said Tuesday it has reached an agreement to sell its shares in its entities in Pakistan to Prime International Oil&Gas Company, a newly established company formed by former Eni’s local employees team and Hub Power Company Ltd, the largest Independent Pakistani Power Producer.
The activities covered by the agreement include 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 said.
Eni’s main permits were in Bhit/Badhra (40% of working interest) and Kadanwari (18.42% of working interest). Other shares were in the permits for Latif (33.3%), Zamzama (17.75%) and Sawan (23.7%).
This agreement, Eni said, aligns to the company’s wider strategy of reshaping and simplifying its portfolio, extracting additional value from its strategic assets and disposing non-core businesses as per its Strategic Plan 2021-2014.