54369
BP Buys 10% Stake in Egypt Gas Field
BP Buys 10% Stake in Egypt Gas Field

BP Buys 10% Stake in Egypt Gas Field

BP Buys 10% Stake in Egypt Gas Field

BP has reached an agreement with Italian oil company Eni to buy 10% of its Shorouk concession offshore Egypt, which includes the super-giant Zohr gas field, for $375 million. BP will also reimburse Eni for BP’s share of past expenditure, Trade Arabia reported. As part of the agreement, BP also has an option before the end of 2017 to buy a further 5$ interest in the concession under the same terms. The Zohr field was discovered by Eni in August 2015; six wells have so far been successfully drilled on the field. The field is located in the Mediterranean Sea, approximately 190 kilometers north of Port Said in waters approximately 1,500m deep. On the deal, Bob Dudley, BP group chief executive, stated that this stake in a truly world-scale asset will complement its existing Egyptian business. "We already have a strong partnership with Eni in Egypt and look forward to working closely with them to efficiently bring these important resources to the Egyptian market," noted Dudley.

Short URL : https://goo.gl/6Ut5m7
  1. https://goo.gl/Q5ETWj
  • https://goo.gl/sH4uiF
  • https://goo.gl/Im1sPc
  • https://goo.gl/z7me2C
  • https://goo.gl/5WvKDO

You can also read ...

Annual Petrochem Revenues  Seen Reaching $40b by 2022
Iranian officials on Sunday spoke of new investments in the...
Gasoline Consumption Up 8% in Six Months
Gasoline consumption in the first half of the current fiscal...
3 Wind  Farms for  Sistan-Baluchestan
Operations to construct three 50-megawatt wind power plants in...
Lukoil Positive About  Iran Investment Plan
Lukoil plans to keep pumping 100 million tons of oil per year...
Iraq Asks UN to Help Build New Nuclear Power Reactor
Iraq asked on Saturday for assistance in building a nuclear...
As the sun sets on Japan’s solar energy boom, companies and...
Shale Pioneer Slams US Oil Production Forecasts
Billionaire oilman Harold Hamm said the government was way too...
NIOC exported an average of 530,000 barrels of gas condensates daily between July 23 and August 22, mostly to South Korea.
The National Iranian Oil Company is voiding export deals for...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus