Eni has agreed to sell a 30% stake in the offshore Shorouk concession to Rosneft for $1.125 billion, thereby reducing its stake in the giant Zohr gas field to 60%. This is coming a week after the Russian oil firm announced its interest in purchasing a stake of up to 35 percent the offshore concession in Egypt.

According to the Italian oil and gas group, Rosneft would refund the pro-rata investments already performed by Eni which is currently around $450 million. Rosneft also has an option to purchase another 5% stake at the same conditions, Reuters reports.

Eni discovered the Zohr field, the Mediterranean's biggest ever gas field in the Shorouk concession, in August 2015 with an estimated 850 Bcm of gas in place. First gas is expected from the field by the end of 2017.

The company, after agreeing to sell a 10% stake to BP for $375 million last month, said that it is in talks with several parties regarding the reduction of its stake in the giant Zohr gas field offshore Egypt, to 50%.

Aside the Zohr gas field, Eni also plans to sell a stake in Area 4 offshore Mozambique, where it holds an indirect 50%.

Anita Fatunji