Italy's Edison SpA said on Dec. 30 it had sold its exploration and production assets in Norway to Norwegian oil and gas group Sval Energi AS 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 licenses and reserves of 25.9 million boe, is expected to close before the end of June.

Edison, which recently sold its upstream oil and gas assets in Italy, Egypt, Greece, the U.K. and Croatia to Energean Plc, has all but exited the E&P business and is now looking to sell some nonoperative 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.