In Egypt, Eni is currently in talks with several oil majors including Lukoil, ExxonMobil, Total and BP regarding the sale of a 20 % interest in the Zohr gas field.

The Italian company owns the gas field which was discovered in August 2015 and has revealed plans to get partners as a way of selling some of its acreage, in order to raise £ 5 billion in the next two years.

Chief Executive of Eni, Claudio Descalzi (photo), has said that any agreement concerning the Zohr gas field would have to be put on hold till when final appraisals are complete and production begins.

The gas field is one of the largest gas discoveries made this era. It holds an estimated 30 Tcf of gas and is economical.

Several infrastructures including an idle LNG facility at Damietta have already been put in place and Cairo, the capital of the country, is prepared to pay explorers eye-catching rates in order to meet internal demand.

“For the likes of BP and Eni there is huge domestic demand so any gas they find can be sent into the local market and they can get a good price for it,” Adam Pollard, an analyst at Wood Mackenzie told Albawaba news.

BP for one has invested billions of dollars into the development of its massive West Nile Delta gas licence and has accelerated works on its recent find, the Atoll field in Egypt.

Series of huge gas discoveries off the Egyptian coast, have made the country the best destination for energy investment and most of the companies like Exxon Mobil and Total, interested in Eni's stake, are either operating in Egypt or have just acquired bordering acreage in Cyprus.

Anita Fatunji