CAIRO: BP, a UK-based oil and gas company, has acquired a 10% interest in the Shorouk concession offshore in Egypt, including Zohr gas field, from ENI, an Italy-based integrated energy company, for $375 million.
ENI is the operator and has a 100% interest in the Shorouk concession.
The Zohr field was discovered by ENI in August 2015; six wells have so far been drilled on the field. It is located in the Mediterranean Sea, about 190 kilometers north of Port Said.
As part of the agreement, BP also has an option before the end of 2017 to acquire a further 5% interest in the Shorouk concession under the same terms.