Enap Sells Egypt Block

Chile’s Enap Sipetrol has sold its 50% stake in the North Bahariya block in Egypt to Sahara Oil and Gas for $65.5m in cash. Enap says it received 6 bids for the stake. An Enap spokeswoman says that it will not sell 3 other production and exploration assets in Egypt, or assets in Iran and Argentina, as some media had reported. She declines to state whether there were any financial advisors involved. Proceeds from the divestment will be used to finance project development, says the company.