Eni in Egypt, UAE deals

ABU DHABI, March 12, 2018 – Eni has agreed to sell a 10% interest in the Shorouk concession offshore Egypt and to buy stakes in three fields offshore Abu Dhabi, the super-major announced Sunday.

Mubadala Petroleum will buy a stake in the Egypt concession, home to the massive Zohr gasfield, for USD 934 million. Following the closing of the deal, Eni will remain the operator of Zohr with a 50% stake in it, alongside partners Rosneft (30%), BP (10%) and Mubadala (10%).

“This represents a further signal about the strength and quality of this world class asset developed by Eni,” said Eni CEO Claudio Descalzi.

In a separate statement, the Italian super-major announced that it had agreed to acquire a 5% stake in the Lower Zakum oilfield and a 10% interest in the Umm Shaif and Nasr oil and gasfields offshore Abu Dhabi. The total consideration for the UAE deals is USD 875 million.

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