Rosneft mulls jumping Zohr bandwagon

Egypt

MOSCOW, December 6, 2016 – Rosneft is considering following BP in acquiring a stake in Eni’s Shorouk concession offshore Egypt.

In a statement on Monday, the Russian company said its board would discuss the matter on Wednesday. Rosneft may purchase up to 35% in the concession, which holds the supergiant Zohr gasfield.

In late November, BP spent USD 375 million on a 10% shareholding in the concession, with an option to acquire an additional 5% before the end of 2017. Upon signing the BP deal, Italy’s Eni signalled it was looking to lower its stake to 50%. CEO Claudio Descalzi at the time also said that Eni was in talks with other companies, and that a deal could be announced “in a few months.”

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