Eni agrees to sell 10pc stake in Egypt concession to BP

MILAN: Eni has agreed to sell a 10 percent stake in the Shorouk concession offshore Egypt to BP, the Italian oil and gas group said in a statement on Friday.

The agreement envisages a payment of $375 million and the pro-quota reimbursement of past expenditures, which so far amount to around $150 million.

Eni, which through its subsidiary IEOC holds a 100 percent stake in the block, said BP had the option to buy a further 5 percent stake in the field under the same terms.

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.