Eni S.p.A. has agreed to sell a 30 percent participating interest in offshore Egypt’s Shourouk Concession, where the supergiant gas field Zohr is located, to Rosneft.
The agreed conditions include a consideration of $1.125 billion and the pro quota reimbursement of past expenditures, which amount so far at approximately $450 million. In addition, Rosneft has an option to buy a further 5 percent stake under the same terms.
Eni, through its subsidiary IEOC, currently holds a 90 percent stake in the block following the recent dilution of 10 percent to BP plc.
The Zohr field was discovered by Eni in August 2015 and is the largest natural gas field ever found in the Mediterranean, with a total potential of 850 billion cubic meters of gas in place. On February 2015, the authorization process for the development of field was completed, with first gas expected by the end of 2017.
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