NEWS

Eni Sells 10% Of Offshore Field For $934M

Eni says it is selling a 10 percent stake in the Shorouk concession in Egypt’s giant Zohr gas field to Mubadala Petroleum of the United Arab Emirates for $934 million.

The oil giant says it is also signing a 40-year agreements for stakes in two Abu Dhabi concessions for $875 million.

Eni currently holds a 60percent stake in Shorouk, while Rosneft and BP own respective 30percent and 10percent stakes. Zohr is the largest ever gas discovery in the Mediterranean, with 400M cf/day.

Also, Eni is acquiring a 5percent stake in the Lower Zakum offshore oil field for $300M and another 10percent stake in the oil and gas offshore fields of Umm Shaif and Nasr, all offshore Abu Dhabi, for $575 million.

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