Rosneft plans to invest more than $2 billion in the Zohr natural gas field, the company announced, according to Reuters.
The funds will be invested between 2018 and 2021, the news agency reports. Rosneft is also considering increasing its stake in the concession to 35%.
The company believes the field has the capacity to produce 29 billion cubic meters per year, according to Reuters.
In October, the Egyptian government formally approved Rosneft’s acquisition of a 30% percent stake in the Zohr field from its Italian operator, Eni, Egypt Oil & Gas reported at the time.
Under the terms of Rosneft’s agreement with Eni, the Russian energy firm has the option to purchase an additional 5% of the concession from Eni.
Eni currently owns a 60% stake in the concession with the remaining 10% held by BP.
The Zohr natural gas field is the largest known natural gas field in the Mediterranean. It was discovered in 2015 by Eni. It is reportedly on track to begin production this year.
Rosneft is a Russian oil and gas company.