Continental Focus, International Reach

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.