Rosneft backs into Zohr gas concession offshore Egypt

12 Oct 2017

Eni has completed the sale of a 30% interest in the deepwater Shorouk concession offshore Egypt to Rosneft.

The terms of the sale, agreed last December 2016, include a payment of $1.125 billion and a reimbursement of some investments already made.

Eni, via its subsidiary IEOC, now holds a 60% stake in the concession, which includes the Zohr gas field development. Rosneft is represented via its subsidiary Upstream Projects PTE, with BP (10%) the remaining partner.

Zohr, thought to be the largest gas field ever found in the Mediterranean Sea, was discovered in August 2015. Production is due to start by the end of this year.

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