Gas

Eni sells 30 per cent stake in the Shorouk concession, offshore Egypt, to Rosneft

San Donato Milanese Metanopoli Secondo palazzo degli uffici ENIEni has finalised the sale of a 30 per cent stake in the Shorouk concession, where the Zohr gas field is located, to Rosneft


The terms of the sale, agreed in December 2016, include a payment of US$1.125mn US dollars and a pro quota reimbursement of investments already made.

Zohr, which is considered the largest natural gas field ever found in the Mediterranean, was discovered by Eni in August 2015. Its start-up is scheduled by the end of 2017, just over two years after its discovery, setting a record for the industry. Eni, through its subsidiary IEOC, now holds a 60 per cent stake in the concession, Rosneft, through its subsidiary Upstream Projects PTE Ltd, 30 per cent and BP hold 10 per cent.

This transaction reaffirms Eni’s "dual exploration" strategy, which consists of selling minority stakes in its exploration successes, while maintaining control and operatorship, in parallel to the fast track development of discovered reserves. Through this strategy, which allows accelerated monetisation of the exploration successes, Eni has been able to cash in more than US$9bn in the last four years.

Eni has been present in Egypt since 1954, where it operates through its subsidiary IEOC. The company is the country's leading producer with equity of about 230,000 barrels of oil equivalent per day.

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BP strengthens LNG shipping capacity

Lng adriaticBP is taking delivery of six new, state-of-the-art liquefied natural gas (LNG) tankers to support its expanding global LNG portfolio, and to respond to growing demand for lower-carbon energy sources around the world

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BP starts production from Khazzan gas field in Oman

Oman gasThe production has begun from the giant Khazzan gas field, which is operated by BP in partnership with Oman Oil Company Exploration and Production

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Mann Tek introduces LNG transfer solution for safer operation

Mann TakThe Swedish coupling manufacturer and supplier MannTek has launched a liquefied natural gas small-scale transfer system that aims to make safer and easier operation across the LNG industry

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Weatherford introduces V0-qualified retrievable barrier for high-Pressure, high-temperature wellbores 

ISOExtreme02Weatherford International has launched ISO extreme retrievable well barrier, which is qualified to ISO 14310 V0 standards for gas-tight isolation and set on electric line, slickline, tubing or coiled tubing (CT) to temporarily isolate the well

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