Petroleum Minister Tarek el-Molla signed a final agreement with Italian Eni Company and Emirati Mubadala Petroleum، a subsidiary of Mubadala Investment Company.
The agreement was signed for selling a 10 percent stake of Eni’s share in the Shorouk concession to Mubadala Petroleum، a subsidiary of Mubadala Investment Company، for $934 million، in addition to signing a signature grant worth $94 million.
Eni، through its subsidiary IEOC، currently holds a 60 percent stake، while the other partners are Rosneft with 30 percent and BP with 10 percent.
Eni discovered Egypt's giant Zohr gas field in 2015. In December 2017، the company delivered the first gas production from the field estimated at 30 trillion cubic feet، which makes it the biggest gas field in the Mediterranean.
Eni announced in May the start of the second production line of Zohr. Production of the field is scheduled to reach 1.2 billion cubic feet per day in May and 2 billion cubic feet per day by the end of 2018، amassing 2.7 billion cubic feet per day.