BP snags stake of Zohr gasfield

Egypt

CAIRO, November 28, 2016 – BP has bought into Egypt’s offshore Zohr gasfield, the largest gas discovery made in the Mediterranean to date.

The super major paid USD 375 million for a 10% stake in Eni’s Shorouk concession, which contains the Zohr field, discovered in August 2015 and estimated to hold 906 bcm (32 tcf) of gas.

“This interest in a truly world-scale asset will complement our existing Egyptian business. We already have a strong partnership with Eni in Egypt and look forward to working closely with them to efficiently bring these important resources to the Egyptian market,” BP’s CEO Bob Dudley said in a press statement on Friday.

BP also has the option to buy 5% more of Shorouk before the end of 2017 under the same terms, once the purchase subject to approval.

Operator Eni currently has a 100% interest in Shorouk.

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