ENI has said the Italian energy major has finalised the sale of a 30% stake in the Shorouk concession, where the super-giant Zohr gas field is located, to Russian state oil giant Rosneft.
The terms of the sale, agreed in December 2016, include a payment of $1,125 million and a pro quota reimbursement of investments already made, ENI said in a press release on October 9.
ENI, through its subsidiary IEOC, now holds a 60% stake in the concession, Rosneft, through its subsidiary Upstream Projects PTE Ltd, 30% and BP 10%.
The Italian energy major said “this transaction confirms once again the validity of ENI’s ‘dual exploration’ strategy, which consists of selling minority stakes in its exploration successes, while maintaining control and operatorship, in parallel to the fast track development of discovered reserves”.
“Through this strategy, which allows accelerated monetisation of the exploration successes ENI has been able to cash in more than $9 billion in the last four years,” ENI said.
Zohr, which is considered the largest natural gas field ever found in the Mediterranean, was discovered by ENI in August 2015. Its start-up is scheduled by the end of 2017, just over two years after its discovery, setting a record for the industry. ENI has been present in Egypt since 1954, where it operates through its subsidiary IEOC. The company is the country’s leading producer with equity of about 230,000 barrels of oil equivalent per day.