Milan — Italian energy group Eni is looking to sell assets in Pakistan as part of moves to refocus its oil and gas portfolio following a strategic re-shake this year, sources close to the matter said.
The company is sounding out potential buyers for a series of oil and gas assets in the country and could have a deal in place before the end of the first quarter, one of the sources said.
“It’s a small country for Eni in the sense it has little business there and so it makes sense to rethink operations,” a second source said.
Eni declined to comment.
The assets Eni plans to sell include its main producing permits at Bhit, Badhra and Kadanwari, in Sindh province, but will probably exclude its solar power business in the area, one of the sources said.
Eni is currently reviewing its exploration and production portfolio and leaving or downsizing operations in countries where it has a small presence with few opportunities to grow or where development is too long and complicated.