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Thursday, 4 August 2016

IOCs interested in acquiring stake in Eni’s Zohr field

BP, Edison, and Total have reportedly expressed interest in acquiring a stake in Eni’s Zohr field, sources told Al Mal. The three companies are seeking technical information about the field and some have already begun negotiations with Eni, the source added. Eni could be looking to sell around a 40% stake in the field for USD 2-3 bn, but wants to remain Zohr’s primary operator, the source noted.In July, the FT noted that a number of potential bidders have expressed “informal interest” in acquiring a stake in Zohr, but did not name any of the potential suitors. One analyst quoted at the time said Eni could be looking to sell a 20% stake in the field for USD 1.6 bn. Earlier reports from March indicated that Eni was in talks with Russia’s Lukoil for a potential sale of 20% of Zohr. None of the potential agreements have been confirmed, although Eni’s CEO Claudio Descalzi had previously said he expects to reach an agreement in 2017.

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