Rosneft has closed a $1.125 billion deal with Eni to acquire a 30% stake in the Zohr gas field, Egypt Oil & Gas reports.
Rosneft also partially reimbursed Eni for past project costs. Eni retains a 60% stake in the field. The remaining 10% is held by BP.
Rosneft will contribute its offshore-development experience to the project.
“Having closed the deal to acquire a stake in the concession agreement for the development of Zohr gas field, Rosneft has entered the world class project. It opens up the opportunities for the Company to reinforce its positions in the promising and strategic region, broadens potential of our trading division and enhances our mutually beneficial cooperation with Egypt,” the CEO of Rosneft, Igor Sechin, said.
In December 2016, Eni agreed to sell 30% stake in Zohr field to Rosneft. Prior to finalizing the deal, Eni and Rosneft had to gain the approval of Egyptian authorities to finalize the agreement.
Rosneft is a leader in Russia’s petroleum industry and specializes in the prospecting and exploration of hydrocarbon deposits.