BP has completed the US$375 million deal to buy a 10% interest in the Shorouk concession offshore Egypt, containing the super-giant Zohr gas field.
Eni CEO Claudio Descalzi, Bob Dudley, CEO of BP, and the Egyptian Minister of Petroleum, Tarek El Molla signed the deed completing the sale in Cairo.
Eni, through its subsidiary IEOC, now holds a 90% stake in the license. However, that could be reduced to 60% if a deal with Rosneft is approved by Egyptian authorities for the Russian company to acquire a 30% stake.
Zohr was discovered by Eni in August of 2015 and, with a total potential of 850 Bcm of gas in place, is the largest natural gas field ever discovered in the Mediterranean. The project is being fast tracked with first gas due later this year.
In Egypt, Eni and BP, are also partners in the Nooros field, discovered in July 2015, in the Nile Delta. Nooros is already producing about 25 MMcm/d, 15 months after field startup. The firms are also partners on the Baltim SW field, discovered in June 2016. The start-up of Baltim SW is expected in 2019.