Egypt's historic gas discovery threatens to sink Israel's fledgling gas export bonanza, which was counting on deals with Cairo to get it off the ground.
Italian oil company Eni stunned markets on Sunday after declaring the
Italy's Eni is open to selling a stake in its "supergiant" Zohr gas field discovery off of Egypt, its chief executive said, as the state-controlled energy company looks for funds to bankroll development without sacrificing dividend
Italian energy group Eni said on Sunday it had discovered potentially one of the world's largest natural-gas fields off the Egyptian coast, predicting that the find could help meet Egypt's gas needs for decades to come.
Italian Foreign Minister Paolo Gentiloni said that Iran is probably open to changing contract terms with Italy's state-owned oil company Eni as Iran emerges from a tough regime of Western sanctions.
Italy's Eni has discovered gas reserves of up to 15 billion cubic metres in Egypt's Nile Delta region, with production set to start in two months, the Egyptian oil ministry said on Monday.
The discovery was made in Western
Oil firms BP and Eni have cancelled more tanker loadings from the Turkish port of Ceyhan due to a lack of oil in tanks owned by Iraqi state oil firm Somo after Iraq's semi-autonomous region of Kurdistan ramped up independent oil sales.
Egypt's oil ministry said it had signed an energy exploration deal with Italy's Eni worth $2 billion following an MOU signed in March during an investment conference.
The deal paves the way for the modi
Italian oil major Eni signed heads of agreement with the Egypt worth $5 billion over 4-5 years, the oil minister and the company said on Saturday at a weekend investment summit in the Red Sea resort of Sharm El Sheikh.
Italy's Eni has cut its dividend and suspended a share buyback programme becoming the first oil major to reduce payouts amid a steep oil price decline in a bid to save funds to spur future production growth.
In the first major
Opec defended on Wednesday its decision not to intervene to halt the oil price collapse, shrugging off warnings by top energy firms that the cartel's policy could lead to a huge supply shortage as investments dry up.