Reuters exclusively reports Eni eyes oil spin-offs to tackle debt in energy transition

Reuters exclusively reported that Italy’s Eni is considering spinning off oil and gas operations in West Africa and the Middle East into new joint ventures to help reduce debt and fund its shift to low-carbon energy. The move is part of a major overhaul the company launched last year as it transitions into renewables and a gradual tapering of oil and gas output. Eni aims to replicate the success of its 2019 oil and gas spin-off in Norway, where it formed joint venture Var Energi with private equity firm HitecVision and retains a 69.6% stake.