HUBCO and its wholly-owned subsidiary Hub Power Holdings Limited together with ENI’s local employees (in a 50:50 joint venture) has executed definitive agreements to acquire all upstream operations in Pakistan of Eni & renewable energy assets owned by Eni in Pakistan
According to the stock filing, Hub Power Holdings Limited came up with an exclusive offer along with the 50-50 partnership of ENI’s local employees.
In this regard, the company has executed definitive agreements to acquire all the upstream operations in Pakistan of ENI and renewable energy assets owned by ENI in Pakistan.
Hub Power Holdings Limited is a wholly-owned subsidiary of The Hub Power Company Limited (Hubco).
ENI is a global energy company, which has been operating in Pakistan since the year 2000 in the Exploration AND Production Sector.
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The Italian oil and exploration firm is considering an exit from Pakistan after 20 years of its operations due to a decline in profit margins associated with the volatile international oil prices since the coronavirus outbreak.
ENI Pakistan is yet to tap approximately 65 percent of reserves in the blocks licensed to the company. The blocks’ remaining net commercial reserves are estimated at 20 million metric barrels of oil equivalent.
As of 2019, ENI produced 37 billion cubic feet of natural gas annually in Pakistan, according to its website. Its producing assets are the operated Bhit, Badhra, and Kadanwari assets and the associated processing facilities, and the non-operated Zamzama, Sawan, Latif, Miano, Tajjal, and Mitha assets. Assets have partners, such as Ocean Pakistan (formerly BHP), UEG (formerly OMV), OGDCL, KUFPEC, and PPL.
ENI also owns 10 megawatts of a photovoltaic plant near the Bhit gas field, which provides power to the upstream operations.
The proposed transaction is subject to requisite compliance(s) with applicable legal and regulatory processes and approval from competent authorities, the stock filing stated.
