Rosneft buys into Eni’s giant gas discovery (Egypt)

Italian oil and gas company Eni is trimming its stake in the giant Zohr discovery, offshore Egypt. Namely, the company will sell a 30 percent stake in the Shourouk Concession, containing the Zohr, to Rosneft.

The sale, announced on Monday, follows a recent divestment of a ten percent stake in the license to BP, the completion of which is ongoing.

Rosneft will pay $1.12 billion, plus a reimbursement of Eni’s past expenditures, which so far amount to $450 million.

In addition, Rosneft has an option to buy a further 5% stake under the same terms, Eni said on Monday.

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 the field was completed, while the first gas is expected by the end of 2017.

As for Rosneft, it on Monday announced the sale of the stake in the company for 10 billion euros to a consortium of Glencore and a Qatari investment fund. More here: https://bit.ly/2heQtFH

Share this article

Follow Offshore Energy Today

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 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 1

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

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