Zohr On Target, Rosneft Farm-In Questioned

Italian firm Eni’s August 2015, 23 tcf Zohr discovery is on schedule to come online late this year. But questions have been raised over the motives of Russian state oil giant Rosneft’s December 30%, $1.575bn farm-in.

Eni could bring Zohr online by October this year, although a December start-up remains the official estimate, according to reports in local Egyptian media this week. The $12bn project is due to come online in “record” time according to Eni CEO Claudio Descalzi, speaking on the firm’s 2016 results press conference in London on 1 March.

It took Eni just three months to present Egyptian authorities with a development plan, and just six months to take a final investment decision (FID).

“With projects of this size it normally takes some years to reach FID,” Mr Descalzi says. Eni was able to fast-track Zohr development as it progressed exploration and development simultaneously, drilling seven wells and launching tenders for long-lead items after the development plan was submitted, Mr Descalzi explained. (CONTINUED - 848 WORDS)

DATA INSIDE THIS ARTICLE

chart Zohr Production Profile Indicates 22-23tcf Recoverable Resource
chart Zohr Stakes* (%)