Gazprom Gets Libyan Stake

Italy's Eni will press on with an agreement to sell half of its stake in the Libyan oil field Elephant to Gazprom, Eni said in a statement Friday.

Eni, the biggest foreign oil producer in Libya, has a 33.3 percent stake in the Elephant field, 800 kilometers from Tripoli. Eni valued the stake at $170 million.

In February, Eni said Gazprom would take 50 percent of its Elephant stake, pending approval by Libyan authorities. Analysts are concerned Eni could lose assets or opportunities in the long run if Rome's hesitant support for the rebel government early in the conflict triggers a backlash.

(Reuters)

Read more