Eni to Sell More Stakes in Zohr

Eni to Sell More Stakes in Zohr

Italian Eni’s CEO, Claudio Descalzi, stated that the company is currently in talks with various parties in order to cut its stake in Egypt’s Zohr field to 50% operating interest instead of owning the entire stake in the concession that includes Zohr, reported Reuters.

Descalzi comments came days after the company agreed to sell a 10%  stake of Zohr to UK’s BP for $375m. BP, which has an option to buy another 5% , will also reimburse Eni for around $150m of past costs.

Zohr is the largest gas discovery in the Mediterranean with an estimated 850bcm of gas in place. The approval process for development of the field was completed in February and first gas is expected by the end of 2017.

Furthermore, Eni is also considering the sale of a stake in its giant Area 4 gas field offshore Mozambique where it holds an indirect 50%, with ExxonMobil reportedly closing a deal to buy a stake in the concession. Additionally, Merrill Lynch said it believed a sale of up to 25% percent of Area 4 could be announced by the end of this year and raise close to $2.5b.

Sarah Samir 3055 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


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