Italy's Edison sells Norway upstream assets to focus on energy transition

MILAN (Reuters) - Italy’s Edison said on Wednesday it had sold its exploration and production assets in Norway to Norwegian oil and gas group Sval Energi as part of its strategy to focus on clean energy.

Edison, owned by France’s EDF, said the deal valued Edison Norge AS at $300 million, including debt. It said the impact on its net financial position “is estimated to be significantly higher than that amount.”

The deal, which includes a portfolio of five exploration licences and reserves of 25.9 million barrels of oil equivalent, is expected to close before the end of June.

Edison, which recently sold its upstream oil and gas assets in Italy, Egypt, Greece, the UK and Croatia to Energean, has all but exited the exploration and production business and is now looking to sell some non-operative stakes it holds in Algerian upstream activities.

It said it intended to invest the proceeds of the sale in energy transition businesses such as renewables and energy efficiency.

Reporting by Stephen Jewkes; Editing by Leslie Adler