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Eni sells stake in Egypt gasfield to Mubadala

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Eni has sold a 10 per cent stake in Zohr, the giant gasfield off the north coast of Egypt, to Mubadala, the UAE-based investment fund, for $934m, as the Italian oil and gas company continues to cash in on one of the sector’s most successful discoveries in recent years

Source: Financial Times – The deal comes just a few months after the start of production at Zohr, which was discovered in August 2015 by Eni and is already reshaping the geopolitics of energy in the eastern Mediterranean, holding promise for the region but also stoking tension among neighbouring countries.  Since making the discovery, Eni has sold a 10 per cent stake to BP, the UK oil and gas group, and a further 30 per cent stake to Rosneft of Russia. With the sale to Mubadala, Eni will be left with 50 per cent of Zohr, and BP and Rosneft each have the option to buy 5 per cent more.  Eni said that Zohr was now producing 400m standard cubic feet of gas per day, but would ramp up before reaching a plateau in 2019. Claudio Descalzi, Eni chief executive, said the Mubadala deal marked a “further signal about the strength and quality of this world-class asset developed by Eni”

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