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Eni to sell 10 pct stake in Egypt's Zohr gas field concession to BP

Egypt’s government will have to agree to the deal before its finalisation

Ahram Online , Saturday 26 Nov 2016
File Photo: Italy's Eni Company (Reuters)
Views: 4431
Views: 4431

Eni has agreed to sell a 10 percent stake in Zohr’s Shorouk gas field concession to British Petroleum for $375 million, the Italian company said in a Friday statement.

The agreed conditions include pro-quota reimbursement of past expenditures, which amount to approximately $150 million.

BP also has the option of buying an additional five percent stake under the same conditions.

Egypt’s government will have to agree to the deal before its finalisation.

Eni's giant Mediterranean Zohr gas field, discovered in August 2015 with an estimated 30 trillion cubic feet of gas, is expected to come online next year and produce about one billion cubic feet of gas per day in 2017.

Eni said the deal is in line with its “dual exploration model aiming at an early monetisation of the value through the dilution of recent huge exploration discoveries owned with high participating interests.”

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