COMPANY
We are an integrated energy company committed to the energy transition with solid actions for carbon neutrality by 2050
- NATURAL RESOURCES
- ● PRICE SENSITIVE
Company
Governance
Sustainability
Governance
Vision
Actions
Products
Actions
Energy Diversification
Technologies for the transition
Technologies for the transition
Partnership for innovation
Activities around the world
Investors
Media
Careers
San Donato Milanese (Milan), November 25, 2016 - Eni has agreed to sell to BP a 10% participating interest in the Shorouk Concession, offshore Egypt, where the supergiant gas field Zohr is located. Eni, through its subsidiary IEOC, currently holds a 100% stake in the block.
The agreed conditions include a consideration of 375 million US dollars and the pro-quota reimbursement of past expenditures, which amount so far at approximately 150 million US dollars. In addition, BP has an option to buy a further 5% stake under the same terms. This transaction is in line with the Eni’s “dual exploration model” aiming at an early monetization of the value through the dilution of recent huge exploration discoveries owned with high participating interests.
The completion of the transaction is subject to the fulfillment of certain standard conditions, including all necessary authorizations from Egypt’s authorities.
The Zohr field, located in the Shorouk Concession, was discovered by Eni in August 2015 and is the largest natural gas field ever found in the Mediterranean, with a total potential of 850 billion cubic meters of gas in place. On February 2016, the authorization process for the development of field was completed, while the first gas is expected by the end of 2017.
Eni has been present in Egypt since 1954 where it operates through IEOC Production BV. The equity production was about 200,000 barrels of oil equivalent per day in 2015.
Continue reading
Reduce
Investor Relations
Freephone for shareholders (from Italy): 800940924
Freephone for shareholders (from abroad): + 80011223456
Download document