Eni Sells 10 Pct Of Egypt’s Shorouk Concession To Mubadala Petroleum


Eni Sells 10 Pct Of Egypt’s Shorouk Concession To Mubadala Petroleum

Italian oil company Eni said on Sunday it would sell a 10 percent stake in the Shorouk concession in the Zhor field in Egypt, to Mubadala Petroleum for $934 million.

Eni currently holds through its subsidiary IEOC a 60 percent stake in the block, the biggest ever gas discovery in the Mediterranean, with 400 million standard cubic feet per day. Rosneft holds a 30 percent share and BP 10 percent.

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

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