Eni Group sells 30% of offshore gas deposit

On the morning of Monday, December 12, the Italian group Eni, the largest oil and gas company of Italy, reported that it will sell 30 percent of their offshore gas deposit in Shorouk, Egypt for the giant Russian Rosneft. The value of the transaction was totaled at $1.125 billion dollars and the concession contract will be relative to the Шорук block.

Stocks of deposits are estimated at 850 million cubic meters of gas, with production potential of 30 to 35 billion m3 per year. Eni had already held, in November, 10% Shorouk, which houses the giant offshore gas deposit Zuhr, for the British BP.

Hit hard by the fall in oil prices, the company announced in March that foresees a decline of 21 percent of their investments until 2019, mostly due to actions on gas fields in Mozambique. Eni now has asset sale plan and cost reduction.

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