Eni: BP complete the sale for 10% of Shorouk

Eni: BP complete the sale for 10% of Shorouk

Editorial Staff
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The act concluding the sale by Eni of BP's 10% stake in the concession of Shorouk in Egypt was signed in Cairo. This is the area where the super-giant gas field Zohr lies

Eni’s CEO, Claudio Descalzi, Bob Dudley, CEO of BP, and the Egyptian Minister of Petroleum, Tarek El Molla signed an act completing the sale to BP of a 10% stake in the Shorouk concession, in offshore Egypt. The signing took place in Cairo in the presence of the Prime Minister Sherif Ismail. 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% stake in the license, and has already come to an agreement with Rosneft to sell a 30% stake although the sale is currently pending Egyptian governmental approval. Additionally, during the course of the Claudio Descalzi was received by President Abdel Fattah el-Sisi. The meeting was a follow up to the one recently held in January during which Eni’s CEO confirmed that the development of Zohr, having been fast tracked, is progressing very quickly and that the start of production is confirmed for late 2017, just two years from the discovery.