Italy’s Eni plans to sell at least a 20% stake in Zohr field in Egypt to different oil companies including Russian Lukoil, US ExxonMobil, French Total, and UK’s British Petroleum in order to raise around $5.5b from asset disposal within two years, Reuters reported. Analyst have said a 25% stake in the Zohr field, the Mediterranean’s biggest gas field, could fetch up to $2.24b.
Even though Eni’s CEO, Claudio Descalzi, stated that any talks related to Zohr field have to wait until 2017 when final appraisals are complete, the company is reported to have started engaging with possible buyers.
Many of the companies looking at Eni’s Zohr are already active in Egypt or have recently landed bordering acreage in Cyprus, stated Al Bawaba News. Italian Edison, Total, and BP have requested information about Egypt’s Zohr gas field as they ponder negotiating with Eni, related news,