Eni Completes Sale of 10% Shorouk Concession Interest

Eni SpA has completed the sale of a 10 percent interest in the Shorouk concession offshore Egypt to BP plc.

The deal for the sale of the concession, which contains the super-giant Zohr gas field, was first agreed in November 2016. Eni, through its subsidiary IEOC, now holds a 90 percent stake in the license, while Rosneft has agreed to acquire a 30 percent stake, subject to Egyptian governmental approval.

Zohr was discovered by Eni in August 2015 and, with a total potential of 850 billion cubic meters of gas in place, is the largest natural gas field ever discovered in the Mediterranean.