Egyptian Government Gives Thumbs Up To Eni's Nour Stake Sale To BP

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.