ENI has said the Italian energy major has finalised the sale of a 30%
stake in the Shorouk concession, where the super-giant Zohr gas field
is located, to Russian state oil giant Rosneft.
The terms of the sale, agreed in December 2016, include a payment of
$1,125 million and a pro quota reimbursement of investments already
made, ENI said in a press release on October 9.
ENI, through its subsidiary IEOC, now holds a 60% stake in the
concession, Rosneft, through its subsidiary Upstream Projects PTE Ltd,
30% and BP 10%.
The Italian energy major said "this transaction confirms once again
the validity of ENI’s ‘dual exploration’ strategy, which consists of
selling minority stakes in its exploration successes, while maintaining
control and operatorship, in parallel to the fast track development of
discovered reserves”.
"Through this strategy, which allows accelerated monetisation of the
exploration successes ENI has been able to cash in more than $9 billion
in the last four years,” ENI said.
Zohr, which is considered the largest natural gas field ever found in
the Mediterranean, was discovered by ENI in August 2015. Its start-up
is scheduled by the end of 2017, just over two years after its
discovery, setting a record for the industry. ENI has been present in
Egypt since 1954, where it operates through its subsidiary IEOC. The
company is the country’s leading producer with equity of about 230,000
barrels of oil equivalent per day.
https://www.neweurope.eu/article/eni-wraps-sale-30-stake-egyptian-field-rosneft/