Eni banks on gas for transition future

The Italian major continues to reorientate its portfolio to focus on gas

Italy’s Eni has pursued an aggressive policy of portfolio optimisation recently, with a deal to acquire most of UK independent Neptune Energy and divestments in Congo-Brazzaville now being followed by the significant acquisition of Chevron’s Indonesian assets. The Chevron portfolio includes operatorship and majority stakes in the Ganal (62%), Rapak (62%) and Makassar Straits production-sharing contracts in the Kutei Basin, off East Kalimantan. Eni already had 20% stakes in the Ganal and Rapak blocks, so the deal is “an excellent fit”, the company said, adding the Neptune deal also included Indonesian assets. Eni stated that the Chevron deal “is an important step... to fast track the developm