Italian oil and gas company Eni has agreed to divest stakes in several non-core oil permits in the Republic of Congo (Congo) to Anglo-French oil and gas company Perenco for a figure in the region of $300m.

The deal value includes firm and contingent consideration, and the transaction is subject to approval from relevant local and regulatory authorities.

In Congo, Eni is planning to promote the energy transition through initiatives including the Oyo Centre of Excellence for Renewable Energy and Energy Efficiency.

In a press statement, Eni said: “To date, Eni is the only company committed to develop the Country’s vast gas resources”.