LONDON (Alliance News) - Italian oil major Eni SpA on Monday said the Egyptian government has approved a sale of stake in a offshore permit to BP PLC.
Eni is selling a 25% interest in the Nour North Sinai offshore concession in the country to BP, as well as a 20% stake to Mubadala Petroleum.
Following the deal, BP will own 25% of the asset and Eni 40%.
Nour is located on the East Nile Delta basin in the Mediterranean, approximately 50 kilometres from the Egyptian coast.
Eni is drilling an exploration well at the site currently.
BP (BP.)
Eni Ord (0N9S)