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Rosneft buys stake in Zohr field

Written by  AOG Staff Wednesday, 11 October 2017 08:12
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Russian company Rosneft closed the deal to acquire a 30% stake in the concessions agreement for the development of Zohr field, the largest gas field in the Mediterranean Sea, from Italian company Eni.

The cost of Rosneft stake acquisition is US$1.125 billion, and the company also refunded its share in past project costs to Eni.

Rosneft becomes a participant of the project to develop the largest deepwater gas field offshore Egypt jointly with other world majors and strategic partners of Rosneft – Eni (60% stake) and BP (10% stake).

‘The deal will enable the company to share significant experience in offshore field development, using existing competencies in offshore production. Participation in the development of a unique production asset will strengthen positions of Rosneft in the strategic markets of Europe and the Middle East,’ Rosneft said in a statement.

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