Russia Gets Foothold In The World’s Hottest NatGas Discovery

12 Oct 2017   Argentina, Russia

Chinese E&P major Sinopec reportedly put its Argentina assets up for a $1 billion sale this week. With one of the interested buyers said to be Russia’s Rosneft. And that latter firm made ever bigger waves in the global natural gas industry this week. With the purchase of a stake in one of the largest — and most geopolitically complicated — development projects in the world. That’s the Zohr natgas field, offshore Egypt. A find made by Italian major Eni — which holds a massive reserve of 30 trillion cubic feet of natural gas. Eni announced this week it is selling a 30 percent interest in Zohr to Rosneft. With the Russian firm paying $1.125 billion for the stake, and reimbursing Eni for a proportionate share of historic costs. That will now give Rosneft a foothold in one of the world’s most important emerging natgas areas: the eastern Mediterranean. […]

Tags:

Comments are closed.