SAN DONATO MILANESE, Italy – Eni has agreed to sell to Rosneft a 30% participating interest in the deepwater Shourouk concession offshore Egypt for $1.125 billion. The Shourouk concession contains the supergiant Zohr gas field.
Eni, through its subsidiary IEOC, currently holds a 90% stake in the block following the recent dilution of 10% to BP.
The agreed conditions include a consideration of $1.125 billion and the pro quota reimbursement of past expenditures, which amount so far at about $450 million. In addition, Rosneft has an option to buy a further 5% stake under the same terms.
The completion of the transaction is subject to the fulfilment of certain standard conditions, including all necessary authorizations from Egypt’s authorities.
Discovered in August 2015 by Eni, Zohr is the largest natural gas field ever found in the Mediterranean, with a total potential of 850 bcm of gas in place. First gas is expected by the end of 2017.