Zohr Stake Could be on the Market in 2017

Monday, August 15, 2016

Reports have ENI willing to sell at least 20% of its stake in its massive natural gas field in Egypt. A Reuters report has the Italian firm selling a stake in the Zohr field in the Mediterranean offshore Egypt to different oil companies including Lukoil, ExxonMobil, Total, and BP.

ENI is trying to raise an estimated $5.5 billion by selling off stakes in some of its assets; the Zohr stake could fetch as much as $2.2 billion. The company is already selling a stake in its Offshore Area 4 in Mozambique to ExxonMobil, according to sources.

The firm’s CEO, Claudio Descalzi, has said that any talks related to Zohr field would have to wait until 2017, which is when the appraisal wells will be complete.

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