Russia gas company Rosneft said it has acquired a 30 per cent stake for US$1.125 billion in Egypt’s offshore Al Zohr Gas Field concession from Italian operator Eni.
The Zohr gas field was discovered by Eni in 2015, the largest discovery in the Mediterranean Sea, with its in-place reserves exceeding 850 billion cubic metres. Participation in this project strengthens the company’s presence in the strategic markets of the Middle East and Europe, while its sharing significant experience in offshore field development, using existing competencies in offshore production.
“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,” said Igor Sechin, Rosneft CEO.
Eni holds a 60 per cent interest in the concession, while BP holds the remaining 10 per cent.