Rosneft ‘looking positively’ to buy more stake in Egypt’s giant Zohr gas field

The chief executive of Russian oil giant Rosneft said Thursday his company is “looking positively” to buy a further 5 percent in Egypt’s giant Zohr offshore gas field from Italy’s Eni.

Eni recently sold a 30 percent stake in its Zohr gas field in Egypt to Rosneft and the Russian energy giant has an option to buy a further 5 percent at the same conditions.

Speaking at an energy conference, Rosneft CEO Igor Sechin said the Russian company was happy with its investment in Zohr and positively looks to buy a further 5 percent stake in Zohr.

“We are looking positively at the matter to realise this option,” he said.

Sechin also told reporters that some of the gas produced at Egypt’s Zohr gas field, the largest gas deposit in the Mediterranean, could be supplied to Europe.

Eni discovered the Zohr field – the Mediterranean’s biggest ever gas field – in Egypt’s Shorouk concession in August 2015.

Eni has three licences with Rosneft in the Black Sea and Barents Sea.