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

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By Reuters
Eni set to acquire 42.5 percent stake in BP's Libya contract
An entrance of the oil refinery of Eni is seen in Taranto, southern Italy, September 21, 2018. REUTERS/Alessandro Bianchi   -   Copyright  ALESSANDRO BIANCHI(Reuters)

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)