Eni to market Zohr stake

Egypt

ROME, August 12, 2016 – Eni is reportedly courting several fellow international oil companies for a stake in its Zohr gasfield offshore Egypt, people familiar with the matter said on Friday.

According to industry sources cited by Reuters, the Italian major has approached BP, ExxonMobil, Lukoil and Total about a possible transaction. Eni is said to be willing to sell 20% stake or more in the Zohr venture, a deal potentially worth more than USD 2 billion. The mentioned companies on Friday all declined to comment on the matter.

At its peak, expected by 2019, production from the offshore Zohr field is estimated to reach between 70.8 mcm (2.5 bcf) and 85 mcm (3 bcf) per day.

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