Milan: Italian oil company Eni said on Sunday it would sell a 10 percent stake in the Shorouk concession in the Zhor field in Egypt, to Mubadala Petroleum for $934 million.Eni currently holds through its subsidiary IEOC a 60 percent stake in the block, the biggest ever gas discovery in the Mediterranean, with 400 million standard cubic feet per day. Rosneft holds a 30 percent share and BP 10 percent.
"(The deal) represents a further signal about the strength and quality of this world-class asset," said ENI Chief Executive Claudio Descalzi.
Production at Zohr began late last year and should add 70,000 boe/d (barrels of oil equivalent) for Eni this year, Descalzi said last month.
Eni has been present in Egypt since 1954.