Italian energy company Eni completed the sale of 10 percent of the Shorouk concession, offshore Egypt to BP, Eni announced on Monday.
A deed completing the sale to BP of a 10 percent stake in Shorouk, between Eni’s CEO, Claudio Descalzi, Bob Dudley, CEO of BP, and the Egyptian Minister of Petroleum, Tarek El Molla, was signed, according to the press release.
The signing took place in Cairo in the presence of Egyptian Prime Minister Sherif Ismail, the press release said.
According to the company, Eni and BP first agreed on the sale of the concession stake in November 2016, where the super-giant Zohr gas field is located.
Eni, through its subsidiary IEOC, now holds a 90 percent stake in the license, while Rosneft has sought to acquire a 30 percent stake from Eni, subject to 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.
Eni has been present in Egypt since 1954, operating through its subsidiary IEOC. The company is the main producer in the country with an equity production of approximately 230,000 barrels of oil equivalent per day.
By Muhsin Baris Tiryakioglu
Anadolu Agency
muhsin.tiryakioglu@aa.com.tr