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Russia's Rosneft closes purchase of 30% stake in Egyptian Zohr gas field

The cost of Rosneft stake acquisition is $1.125 bln

© Vladimir Smirnov/TASS

MOSCOW, October 9. /TASS/. Russia’s top oil producer Rosneft has closed the transaction to acquire a 30% stake in the concessions agreement for the development of the Egyptian Zohr field, the largest gas field in the Mediterranean Sea, from Italy's Eni S.p.A., the company reported Monday.

"The cost of Rosneft stake acquisition is $1.125 bln. The company also refunded its share in past project costs to Eni," the report said.

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The agreement stipulates a strategic partnership between Rosneft, Eni (60% stake) and BP (10% stake) to develop the largest deepwater gas field offshore Egypt, the company said.

Earlier a source in Rosneft told TASS that it would export gas from the field to the countries of Europe and the Middle East. The issue is about significant production volumes, with "about 9 billion cubic meters of gas being in possession of Rosneft, which is the basic model of development excluding potential additional exploration," the source said.

In the end of 2017, the board of directors of Rosneft approved the purchase of a stake in the project to develop the Shorouk block from Italy’s Eni. The board particularly approved the purchase of a 30% stake in the concession agreement for the Shorouk block in Egypt, and the purchase of a 15% stake in the joint venture established by IEOC Production B.V. and Egyptian Natural Gas Holding Company, which is the operator of the project at the development stage. The total investment of Rosneft in the project may reach $4.5 bln in four years.

Zohr gas field was discovered by Eni at the shelf of Egypt in 2015. The area of the field is 231 square kilometers, its in-place reserves exceed 850 bln cubic meters.

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