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Vitol to Buy Stakes in Eni’s Upstream Projects in West Africa

OilPrice · Tsvetana Paraskova · last updated
The world’s largest independent oil trader, Vitol, will buy stakes in some upstream assets in West Africa from Eni for $1.65 billion, subject to closing cash adjustments, the Italian energy major said on Wednesday. Eni has been pursuing in recent years the so-called ‘dual exploration model’, under which it sells part of its majority stakes to other companies to fast-track oil and gas discoveries to production. Vitol, for its part, has been looking to get into more upstream and downstream assets after the world’s biggest…
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