The concession includes the giantZohr gas field. Eni, through its subsidiary IEOC, now holds a 90% stake in the license, while Rosneft has also agreed to acquire a 30% stake, subject to Egyptian governmental approval.
Last month Eni’s CEO Claudio Descalzi confirmed that development of Zohr is progressing quickly, with production set to start later this year, two years after theinitial discovery in August 2015.
The field, with reserves estimated at potentially 850 bcm, is said to be largest discovered in the Mediterranean.
Eni and BP are also partners in theNooros gas field, discovered in July 2015 in the Nile Delta, and currently producing around 25 MMcm/d 15 months after start-up, and in the Baltim SW offshore development, due to begin production in 2019.