Eni sells 10 percent of Egypt's Shorouk concession to Mubadala Petroleum - REUTERS

MARCH 11, 2018 / 9:25 PM 

Reporting by Giulia Segreti; Editing by Louise Heavens and Peter Graff

MILAN (Reuters) - Italian oil company Eni (ENI.MI) said on Sunday it would sell a 10 percent stake in the Shorouk concession in Egypt’s Zohr gas field to Mubadala Petroleum of the United Arab Emirates for $934 million.

Eni currently holds through its subsidiary IEOC a 60 percent stake in the block, the biggest ever gas discovery in the Mediterranean, with 400 million standard cubic feet per day.

Rosneft (ROSN.MM) holds a 30 percent share and BP (BP.L) 10 percent.

The deal fits with Eni’s so-called ‘dual exploration’ strategy, under which the state-controlled group aims to sell down stakes in fields it operates in order to raise cash to fund future development and support dividends.

“(The deal) represents a further signal about the strength and quality of this world-class asset,” said ENI Chief Executive Claudio Descalzi.

20/DEC/2017 08:30

The field, with potential resources in excess of 30 Tcf of gas in place, started-up in less than two and a half years from the discovery: a record time for a field of this size in deep waters

Eni sells a 30% stake in the Shorouk concession, offshore Egypt, to Rosneft - ENI

12/12/2016 08:05

ENI PRESS RELEASE, PRICE SENSITIVE

The agreed conditions include a consideration of 1,125 million US dollars and the pro quota reimbursement of past expenditures, which amount so far at approximately 450 million US dollars. In addition, Rosneft has an option to buy a further 5% stake under the same terms.

San Donato Milanese (Milan), 12 December 2016 – Eni has agreed to sell to Rosneft a 30% participating interest in the Shourouk Concession, offshore Egypt, where the supergiant gas field Zohr is located. Eni, through its subsidiary IEOC, currently holds a 90% stake in the block following the recent dilution of 10% to BP which completion is ongoing.

The agreed conditions include a consideration of 1,125 million US dollars and the pro quota reimbursement of past expenditures, which amount so far at approximately 450 million US dollars. In addition, Rosneft has an option to buy a further 5% stake under the same terms.