Russian oil producer Rosneft has completed the deal for acquiring a 30% stake in the concessions agreement for the development of the Zohr gas field from the Italian company Eni. The Zohr gas field is the largest one in the Mediterranean Sea.
They announced this deal in December 2016. Rosneft has paid $1.125 billion and also refunded its share in previous project costs to the Italian company. Rosneft will now participate in the development of the largest deepwater gas field offshore Egypt in a joint venture with other world’s largest companies – Eni (60% stake) and British Petroleum (10% stake).
The Russian oil company pointed out on Monday that this acquisition will give them a chance to share substantial experience in offshore gas field development using available skills and expertise in offshore gas production.
In his comments on the deal, Chief Executive Officer of Rosneft Igor Sechin mentioned that Rosneft had entered a world-class project by closing this deal and that the company will have opportunities to reinforce its positions in the strategic and prospective region, broaden the potential of Rosneft’s trading department and enhance the company’s mutually advantageous cooperation with Egypt.
Eni discovered the Zohr gas field in August 2015. The Zohr field is the largest natural gas field that has ever been found in the Mediterranean Sea with total potential in-situ reserves of 850 billion m3 of natural gas.