Italy's ENI and UK's BP have completed the sale of a 10 per cent stake in the Shorouk concession, offshore Egypt to the British oil giant.
Eni’s CEO, Claudio Descalzi, Bob Dudley, CEO of BP, and the Egyptian Minister of Petroleum, Tarek El Molla signed a deed completing the sale of the stake in the Shorouk concession to BP.
Eni and BP first agreed on the sale of the concession stake, where the super-giant Zohr gas field is located, in November 2016. Eni, through its subsidiary IEOC, now holds a 90 per cent stake in the license, while Rosneft has agreed to acquire a 30 per cent stake, subject to the Egyptian governmental approval.
Claudio Descalzi also met Egypt's President Abdel Fattah el-Sisi and follows the meeting held in January during which Eni’s CEO confirmed that the development of Zohr is progressing very quickly, having been fast tracked, and that the start of production is confirmed for 2017, just two year after the discovery was made.
In Egypt, Eni and BP, are also partners in the Nooros field, discovered in July 2015 in the Nile Delta, that is already producing about 25 MMScm/d only 15 months after the startup of the field, as well as in Baltim SW field, discovered in June 2016. The start-up of Baltim SW is expected in 2019.