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2016-08-15 18:35:00

ENI SELLS ZOHR

ENI SELLS ZOHR

 

EGYPT ZOHR GAS

 

REUTERS wrote, Italy's Eni is talking to oil companies including Lukoil, ExxonMobil, Total and BP about selling at least a 20 percent stake in its giant gas field in Egypt, industry sources said.

Eni owns the whole of Zohr and has said it is interested in bringing in partners as part of its strategy of selling some of its prize acreage to help meet a target of raising 5 billion euros from asset disposal over the next two years.

Analyst have said a 25 percent stake in the Zohr field, the Mediterranean's biggest, could fetch up to 2 billion euros ($2.24 billion).

Chief Executive Claudio Descalzi has said any deal on Zohr would have to wait until next year when final appraisals are complete and production kicks in.

"It may be early days but Eni has started talking," said one banker familiar with the Italian group.

Eni, Total and Exxon did not comment, while BP said it did not comment on rumour and speculation. Lukoil declined immediate comment.

A run of big gas finds off the Egyptian coast have made the country a top destination for energy investment even as firms seek to save cash to better handle low oil prices.

Many of the companies looking at Eni's Zohr are either already active in Egypt or have recently landed bordering acreage in Cyprus, such as Exxon Mobil and Total.

Zohr, one of the largest gas discoveries this century, holds an estimated 30 trillion cubic feet of gas and has relatively low development costs.

A lot of infrastructure is also already in place, including an idle LNG facility at Damietta, and Cairo is willing to pay explorers attractive rates to satisfy internal demand.

"For the likes of BP and Eni there is huge domestic demand so any gas they find can be sent into the local market and they can get a good price for it," Wood Mackenzie analyst Adam Pollard said.

BP, already a major oil and gas producer in Egypt, has pumped billions of dollars into developing its huge West Nile Delta gas license and fast-tracked work on its latest find, the Atoll field in Egypt.

Pollard said BP's appetite for a stake in Zohr could be tempered though by the $3 billion development costs at Atoll.

-----

Earlier: 

SAIPEM CONTRACT: $1.5 BLN 

ENI & CYPRUS COOPERATION 

THE NEW FIND OF ENI & BP 

GAS FOR EGYPT: $10 BLN 

ENI DISCOVERS EGYPT

 

 

Tags: ENI, GAS, EGYPT, ZOHR

Chronicle:

ENI SELLS ZOHR
October, 16, 11:50:00

SAUDI ARAMCO IPO

Saudi Arabia is considering delaying the international portion of the giant initial public offering of its state oil company until at least 2019, according to people familiar with the situation, who said a domestic share sale in Riyadh could still happen next year.

ENI SELLS ZOHR
October, 16, 11:45:00

SAUDI'S BANKS ARE BETTER

But we expect a rise in the sector's NPL ratio and muted credit demand in the second half of 2017 and 2018, reflecting the slowing economy. GDP growth slowed to 1.4% in 2016 from 3.4% in 2015 and we expect it to be below 1% in 2017 and 2018.

ENI SELLS ZOHR
October, 16, 11:40:00

OPEC EXPECTATION

The Organization of Petroleum Exporting Countries and allies including Russia have been cutting oil production this year to bring fuel inventories in industrialized nations back in line with the five-year average.

ENI SELLS ZOHR
October, 16, 11:35:00

JAPAN LNG INVESTMENT

The Japanese government will offer $10 billion to support firms bidding to build liquefied natural gas (LNG) infrastructure around Asia, the Nikkei business daily said on Monday.

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