Egypt Not Selling its Stake in Zohr: Cabinet

Egypt did not give up its stake in the Zohr gas field to a foreign investor as reported by the media, the Cabinet revealed in a statement, Egypt Oil & Gas reports.

Eni sold a part of its stake in the mega field after obtaining the approval of the Egyptian Ministry of Petroleum. The Italian company sold 30% to Russia’s Rosneft and two 10% stakes to BP and Mubadala Petroleum, respectively.

Egypt’s stake in the natural gas field remains unchanged, the Egyptian Cabinet stressed, asserting that all the rumors circulating in the media have no validity at all.

Zohr’s natural gas production is estimated to reach more than 3 billion cubic feet per day (bcf/d) by the end of 2019, which will contribute to achieving self-sufficiency.

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