Enron has agreed to sell most of its 53 per cent stake in Enron Oil & Gas back to EOG in a deal valued at $1.2 billion.

Enron will trade 62.3 million of its 82.3 million shares of Enron Oil & Gas back to the company. Enron will receive Enron Oil & Gas’s assets in India and China, plus $600 million to be applied to debt reduction in Enron.