BP (BP.L) has agreed to buy 10 percent of Eni's (ENI.MI) Shorouk concession offshore Egypt, which includes the giant Zohr gas field, for $375 million, joining other oil majors in increasing bets on the growing gas market. The companies also agreed BP could purchase another 5 percent of the field before the end of next year, when the Zohr field is slated to start production, under the same terms and that BP would reimburse Eni around $150 million in past expenditure. Zohr, discovered by Eni last year, has an estimated 850 billion cubic metres of gas in place. Once an energy exporter, Egypt has turned into a net importer because of declining oil and gas output and increasing consumption. The deal deepens BP and Eni's partnership in Egypt, where they announced a significant gas discovery in the East Nile Delta in June.

Source: Egypt Independent November 26, 2016 08:51 UTC