ENI to hand over 50% of stake in Libyan oilfield to Gazprom

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Italian energy company ENI signed a deal on Wednesday to hand over 50 percent of its stake in its Elephant oil project in Libya to Russian giant Gazprom in a deal worth around 170 million dollars.

The stake amounts to 33.3 percent of the consortium developing the Elephant oilfield in Lybia's south-western desert, some 800 kilometres (500 miles) from Tripoli, according to an ENI press release.

The deal, signed by ENI head Paolo Scaroni and Gazprom head Alexey Miller during Russian President Dmitry Medvedev's meeting with Italy's Prime Minister Silvio Berlusconi, will have to be approved by the Lybian authorities.

ENI and Gazprom also agreed the deadline of February 28 for a sale agreement for gas which will be produced in the Siberian fields of Severenergija.

© 2011 AFP

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