Oil & Gas Major ENI To Divest $4 Billion Worth Of Assets

Eni SpA, the Italian oil & gas major is looking to sell some of its upstream assets, estimated at $4.3 billion. The sale is reported to involve assets in Indonesia, Cyprus, Alaska, and Ivory Coast, amongst others. Eni is reportedly divesting of these assets to raise capital to finance its green energy initiatives, including biofuels and renewables. The current divestments are part of Eni’s broader plans to sell almost $8 billion worth of upstream assets over the next three years, with the possibility of divesting almost fifty percent of its entire upstream business in the future.