Eni aims to reduce to 50% in Zohr

This was stated by CEO Claudio Descalzi who estimates oil still low for next year (45-50 dollars) unless the OPEC summit on November 30 accelerates the evolution of prices with a cut in production, which is very uncertain at the moment

(Teleborsa) – Eni aims to further dilute its stake in the huge Egyptian gas field Zohr. According to CEO Claudio Descalzi, the six-legged dog's goal is to reduce Shorouk's concession to 50%: “There will certainly be other phases of dilution because we think we can operate with 50%, now we are at 85% %". On the timing of the divestments, Descalzi said that "it could also be a quick thing, which in our profession means a few months". The group has just agreed to sell 10% of the concession to BP.

Moving on to Mozambique, Eni's CEO specified that the agreement on the field in Mozambique “is certainly mature. There are authorization and bureaucratic facts that are lengthening it”.

With regard to the next OPEC meeting, however, Descalzi explained that if a cut of 1 -1,5 million barrels per day were to be announced, "there could be an immediate recovery" of the oil price "also because the long positions of the market see in the 'OPEC is an insurance. So they could resume investing in the commodity with more confidence”. "Probably if OPEC does not intervene there will be a negative reaction, then it should recover around 45/50 dollars a barrel and then a small increase at the end of 2017", predicted the manager.