Rosneft is considering the purchase of an additional 5% stake in the Zohr gas field, according to the company’s CEO, Igor Sechin, Reuters reports.
Rosneft has already purchased a 30% stake in the field from Eni for $1,125 billion, Amwal Al Ghad reported. Under the terms of the deal, Rosneft also partially reimbursed the Italian oil and gas company for prior development costs and retained an option to purchase an additional 5% stake in the concession.
The agreement was approved by Egyptian authorities earlier this month. Eni currently holds a 60% stake in the field. The remaining 10% is held by BP.
Production at the field is expected to begin before the end of 2017.