Petroleum Africa
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Thursday, April 16, 2015
Enel SpA could sell off $1.07 billion of assets in Europe and Africa a Bloomberg report said. The sale would be help with slower growth and weak demand that the company is seeing.
The company is said to be considering selling upstream assets in Algeria, Egypt, and Italy as well as its renewable energy assets in Portugal.
It was not clear if the company would sell off all of its assets or just individual permits. If the company sells off its holdings in Algeria,it means exiting the Isarene Permit where it is partnered with Petroceltic International and Sonatrach. The partners are in the midst of the development phase of the AinTsila field, which would be investment intensive for Enel. The company entered the Isarene Permit in 2011 when it signed a farm in agreement with Petroceltic.
Besides its stake in the Isarene Permit the company was one of the winners in Algeria’s latest licensing round; Enel signed the contracts for its winning bids on two permits in November.
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