The Italian energy company Edison wants to sell part of the Abu Qir oil field in Egypt, which it manages in a joint venture with the Egyptian General Petroleum Corporation (EGPC).

“Within its portfolio management activity, Edison is considering reducing its stake in Abu Qir, but keeping the majority and remaining in Egypt as long-term operator,” a spokeswoman said in a statement sent to the news agency Reuters.

Edison paid around $1.4bn for the field in 2009 and owns all exploration and production rights.

Edison is owned by the French energy company EDF.

EDF is selling assets worth billions of euros to bolster its balance sheet and fund nuclear and renewable energy operations.