Eni and BP Conclude Stake Sale in Egypt’s Zohr Field

Eni and BP have completed the sale of 10% interest in the Shorouk concession offshore Egypt, which contains the giant Zohr gas field.

Eni’s CEO, Claudio Descalzi, Bob Dudley, CEO of BP, and the Egyptian Minister of Petroleum, Tarek El Molla signed a deed completing the sale to BP.

The signing took place in Cairo in the presence of the Prime Minister Sherif Ismail.

Eni, through its subsidiary IEOC, now holds a 90% stake in the license, while Rosneft has agreed to acquire a 30% stake, subject to the Egyptian governmental approval.

Zohr was discovered by Eni in August of 2015 and, with a total potential of 850 billion cubic meters of gas in place, is the largest natural gas field ever discovered in the Mediterranean, the company noted.