Petroleum Africa
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Monday, November 28, 2016
ENI is selling a 10% stake in its Shorouk concession offshore Egypt to BP. The UK-based firm will pay $375 million to ENI for a stake in the concession.
There is a possibility that BP will pick up another 5% before the end of 2017 under the same terms and BP would reimburse ENI around $150 million for past expenditures.
The Shorouk concession is home to ENI’s massive Zohr gas field. The field is expected to come onstream in late-2017.
The Zohr was discovered by ENI in 2015 and holds an estimated 850 Bcm of gas in place.
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