Russian oil firm Rosneft has announced that it is interested in an offshore concession in Egypt. According to the company, its board plans to hold talks regarding the purchase of a stake of up to 35 percent in Egypt's offshore Shorouk concession, on Wednesday. It however did not disclose a value for the stake.

The offshore Shorouk concession includes the huge Zohr gas field discovered by Eni in August 2015 and is the largest natural gas field to be discovered in the Mediterranean, with a total potential of 850 billion cubic metres of gas.

In November, Eni agreed to farm-out a 10 percent interest in the concession to BP which holds a 19.75% stake in Rosneft, for $375 million and the pro-quota repayment of past costs, which amount to around $150 million. Subsequently after the sale, Eni said it intends to reduce its stake in the Zohr field to 50 percent.

Anita Fatunji