Works on Zohr project- Photo courtesy of Eni websiteCAIRO - 11 March 2018: Eni has agreed to sell to Mubadala Petroleum, a wholly owned subsidiary of Mubadala Investment Company, a 10 percent stake in the Shorouk concession, offshore Egypt, where Zohr's super-giant gas field is located. Eni, through its subsidiary IEOC, currently holds a 60 percent stake, while the other partners are Rosneft with 30 percent and BP with 10 percent.The agreed consideration is $934 million. The production will gradually ramp up to reach the plateau by the end of 2019. "We are pleased to be working with Mubadala and welcome them into the partnership for the Shorouk concession. "We are joining a strong partnership with Eni as operator, who have delivered the project in record time and with the full support of the Egyptian authorities.

Source: Egypt Today March 11, 2018 18:45 UTC