Italian energy group Eni could spin off stakes in high-potential oil and gas projects, including in Indonesia and Ivory Coast, to help finance their...
MILAN - Italian energy group Eni could spin off stakes in high-potential oil and gas projects, including in Indonesia and Ivory Coast , to help finance their development while focusing more capital on low-carbon activities, company sources said.
Eni in recent years has created a retail and renewable unit, Plenitude, in which it sold a stake to an infrastructure fund, and a biofuel division, Enilive, in which Descalzi recently said it is considering selling a minority stake. It has also spun out fossil fuel operations. Last month, Eni agreed to combine its British North Sea oil and gas operations with Ithaca Energy in exchange for a 38.5% stake in the company.Gattei said the group was considering doing something similar for other exploration and production projects needing large investments. Company sources pointed to Ivory Coast and Indonesia as potential candidates.
In recent years, it has set up and listed Norwegian oil and gas company Vaar with private equity firm HitecVision and created Azule Energy, a joint venture with BP in Angola. "Eni has been flexible around its corporate structures," said Lydia Rainforth, European integrated energy analyst at Barclays. "We have seen a satellite model that tailors for easy access of specialised capital."
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