Eni set to acquire 42.5 percent stake in BP's Libya contract

LONDON (Reuters) - Italy's ENI <ENI.MI> is set to acquire a 42.5 percent stake in BP's <BP.L> Libya acreage, according to a statement on Monday.

The two companies, along with state-owned National Oil Corp, signed a letter of intent in London on Monday paving the way for the final deal.

Under the deal, ENI will become operator of BP's exploration and production sharing agreement (EPSA)in Libya, the statement said.

(Reporting by Ahmad Ghaddar and Ron Bousso; editing by Emelia Sithole-Matarise)