OREANDA-NEWS. April 15, 2013. Italian oil and gas group Eni is considering opening its business in Iraq to investment by Chinese oil company CNPC after offering it a stake in its bumper Mozambique gas field earlier this month.

The sources, one close to the deal and the other governmental added that no talks were yet under way with the Chinese group. The idea is being examined, though we have not yet reached that point.

Two Iraqi oil ministry officials said that they were not informed by Eni of any intention to sell part of its stake in the Zubair oilfield to CNPC or any other company.

Last year Mr Paolo Scaroni CEO of Eni said that the major's enthusiasm in Iraq was on the wane because of difficulties in the country. But the company confirmed its commitment to Iraq after Scaroni visited Prime Minister Mr Nuri al Maliki. Violence in Iraq has eased since the height of the war in the country though security remains a concern.

Eni said that it had agreed to sell 20% stake in its Mozambique offshore gas acreage to CNPC in USD 4.21 billion deal giving it extra funding and reducing its share of the development bill.

At a meeting in Ravenna earlier this month Scaroni said that no talks were under way with CNPC or other possible partners with a view to helping fund operations in Iraq. China National Petroleum Corporation is the parent of China's second largest refiner PetroChina.

Eni, US based Occidental Petroleum Corp and South Korea's Kogas signed 20 year deal with Iraq in 2010 to develop the Zubair oilfield where production is around 270,000 barrels per day. The consortium expects to invest USD 18 billion in the field.