Eni has finalized the sale of a 30% stake in the Shorouk concession, where the super-giant Zohr gas field is located, to Rosneft.
The terms of the sale, agreed in December 2016, include a payment of 1,125 million US dollars and a pro quota reimbursement of investments already made.
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%.
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 monetization of the exploration successes, Eni has been able to cash in more than $9 billion in the last four years.
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.
About ENI
Eni is an integrated energy company employing more than 34.000 people in 69 countries in the world. Eni engages in oil and natural gas exploration, field development and production, as well as in the supply, trading and shipping of natural gas, LNG, electricity and fuels. Through refineries and chemical plants, Eni processes crude oil and other oil-based feedstock to produce fuels, lubricants and chemical products that are supplied to wholesalers or through retail networks or distributors.
About Rosneft
Rosneft is the leader of Russia’s petroleum industry and the world’s largest publicly traded petroleum company. Company’s main activities include prospecting and exploration of hydrocarbon deposits, oil, gas and gas-condensate production, upstream offshore projects, processing, as well as oil, gas, and product marketing in Russia and abroad.
The Company is included in the list of strategic companies and organizations of Russia. Company’s largest shareholder (69.50% of the equity) is ROSNEFTEGAZ OJSC, fully owned by the Russian Government, while BP holds 19.75% of shares, one share belongs to the state represented by Federal Agency for State Property Management, whereas the remaining shares are free floating.