Rosneft has acquired a 30% stake in the Zohr field, the largest gas field in the Mediterranean Sea.
Rosneft struck the $1.1bn deal with Italian firm Eni.
Rosneft, chief executive, Igor Sechin said: “Having closed the deal to acquire a stake in the concession agreement for the development of Zohr gas field, Rosneft has entered the world class project. It opens up the opportunities for the company to reinforce its positions in the promising and strategic region, broadens potential of our trading division and enhances our mutually beneficial cooperation with Egypt”.
Zohr gas field was discovered by Eni at the shelf of Egypt in 2015. The area of the field is 231 km2, its in-place reserves exceed 850 bcm.
Eni retains a 60% stake and BP owns the remaining 10%.