ENI Sells Another Stake in Zohr

Tuesday, March 13, 2018

ENI is parting with another stake in its Shorouk concession. The company said that it would sell off a 10% stake in the Egyptian concession, which contains the massive Zohr gas field, to UAE firm Mubadala Petroleum.

Under the deal Mubadala would pay ENI an estimated $934 million for access to the resources contained on the Shorouk.

ENI previously sold off stakes in the concession to Rosneft (30%) and BP (10%).

“(The deal) represents a further signal about the strength and quality of this world-class asset,” said ENI Chief Executive Claudio Descalzi.

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