Published in Oil Industry News on Tuesday, 14 February 2017
BP has completed the purchase of a 10% stake from Eni, in the Shorouk Concession of Offshore Egypt.
The transaction between BP and Eni was first announced in November 2016, leaving Eni holding a 90% interest in the development. That 90% stake is expected to drop further upon the completion of an acquisition of a 30% stake in Shorouk.
The Shorouk concession contains the Zohr field, the mediterraneans largest ever natural gas deposit. The Zohr holds an estimated 850billion cubic meters of gas.
The development is expected to be producing gas by the end of this year.
The singing took place in Cairo infront of Prime Minister Sherif Ismail and the official signatories on the agreement included BP Chief Executive Bob Dudley, Eni Chief Executive Claudio Descalzi and Egyptian Petroleum Minister, Tar El Molla.
The signing took place in Cairo in the presence of the Prime Minister Sherif Ismail.