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Tuesday, 3 May 2016

Eni shedding EUR 7 bn in assets until 2019 to find Zohr, Mozambique project

Eni is on track to sell assets worth more than EUR 5 bn in the next two years to allocate resources to fund its “high-profile projects” in Egypt and Mozambique, Reuters reported. The company is looking to shed EUR 7 bn to 2019, frontloaded with EUR 5 bn in the first two years, CFO Massimo Mondazzi told analysts. Eni has also said it is looking for “strong” partners to develop its Area 4 gas field in Mozambique and Zohr in Egypt. The company is already reported to be in talks to sell down its 50% stake in Area 4, with ExxonMobil said to be on the other end of the agreement. There is no confirmation on any potential suitors for Zohr, however. In related news, Saipem said it has no direct exposure to Egypt, but that it continues to operate as a contractor for Eni on the Zohr project. The contractor provided the Saipem 10000 drillship that drilled wells in Zohr-1 and Zohr-2 in the concession.

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