Rosneft finalizes Zohr stake buy

Russian oil company Rosneft has closed the deal to acquire a 30% stake in the concessions agreement for the development of Zohr field, the largest gas field in the Mediterranean Sea, from the Italian company Eni. 

The deal was announced back in December 2016. The cost of Rosneft stake acquisition is $1.125 billion and the Russian company also refunded its share in past project costs to Eni.

Rosneft becomes a participant of the project to develop the largest deepwater gas field offshore Egypt jointly with other world majors and strategic partners of Rosneft – Eni (60% stake) and BP (10% stake).

The oil company said on Monday that the deal will enable it to share significant experience in offshore field development, using existing competencies in offshore production.

Commenting on the deal, Rosneft Chief Executive Officer, Igor Sechin, said, “Having closed the deal to acquire a stake in the concession agreement for the development of Zohr gas field, Rosneft has entered the world class project. It opens up the opportunities for the company to reinforce its positions in the promising and strategic region, broadens potential of our trading division and enhances our mutually beneficial cooperation with Egypt.”

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.

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

THE 5TH OIL & GAS VIETNAM 2017

The 5th edition of Oil & Gas Vietnam (OGAV) exhibition 2017 is the only specialized event in Vietnam that brings together an international…

read more >

24th Annual Africa Oil Week 2017

The Conference portraying five days of senior-level executive insights, with rich-content on corporate strategies and portfolio, exposure…

read more >

OTC Brasil 2017

OTC Brasil is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum, Gas and Biofuels Institute (IBP)…

read more >

BLACK SEA OIL AND GAS

Black Sea region continues to impose as a key area for the future of energy in Europe in reaching the diversification of supply and the energy…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply