Gas

Eni 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 countrys leading producer with equity of about 230,000 barrels of oil equivalent per day.

BP 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

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

The 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