Eni is looking to cut its stake in Egypt’s giant Zohr gas field to 50%. And sooner rather than later. BP is taking up to 15%. Russian state giant Rosneft may be next.

The UK’s BP last week agreed to pay Eni $525mn for a 10% stake in the latter’s Shorouk Block in the Egyptian deepwater Mediterranean, reducing the latter’s stake to 90%. The block contains last year’s giant Zohr gas discovery, which has around 32 tcf gas in place, of which 24 tcf is thought to be...