Petroleum Africa
Find us on: 
Tuesday, December 13, 2016
Italian major ENI validated reports that Russian firm Rosneft was interested in joining it offshore Egypt on the Shourouk Concession. The firm will sell Rosneft a 30% stake in the concession in return for a cash consideration of $1.125 billion, and the pro quota reimbursement of past expenses.
ENI, through its Egyptian subsidiary IOEC, held the concession with a 100% interest until recently when it sold a 10% stake to BP. The sale of a 30% stake will bring ENI’s holding in the concession down to 60%.
The Shorouk Concession contains the giant Zohr gas field and the sale of stakes to both Rosneft and BP will aid in ENI meeting its development costs for the field.
First gas from the Zohr development is expected by the end of 2017.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
