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Rosneft Board to Discuss Buying Stake in Shorouk Concession

Source: Reuters 12/5/2016, Location: Egypt

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The board of Russia's Rosneft plans to discuss buying a stake of up to 35 percent in the Shorouk concession, offshore Egypt, the company said.

The board plans to discuss the potential deal on Dec. 7. Rosneft did not provide an estimated value of the deal. Last month, Eni agreed to sell a 10 percent stake in the Shorouk concession to BP.

The concession includes the supergiant Zohr gas field, which was discovered by Eni in August 2015 and is the largest natural gas field ever found in the Mediterranean, with a total potential of 850 billion cubic meters of gas in place.

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