Rosneft to Consider Stake in Shorouk Concession

Rosneft to Consider Stake in Shorouk Concession

Russia’s Rosneft announced that its board of directors will discuss buying up to 35% of stake in Shorouk Concession , offshore Egypt, reported Al Wattan News.

The deal will be discussed during a board meeting that will be held in the first week of December. However, Rosneft did not provide an estimated value of the deal, reported Reuters. This comes a few weeks after Italian Eni had agreed to sell 10% of its stake in the Shorouk concession to BP for $375m.

The concession includes supergiant Zohr gas field in the Mediterranean Sea, which was discovered by Eni in August 2015 and is the largest natural gas field ever found in the Mediterranean, with a total potential of 850bcm of gas in place.

In related news, Eni’s CEO, Claudio Descalzi, had stated that the company was in talks with various parties in order to cut its stake in Egypt’s Zohr field to 50% operating interest instead of owning the entire stake in the concession that includes Zohr.

Sarah Samir 2790 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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