LONDON – Bracewell LLP acted for Eni on its agreement to sell a 30% participating interest in the Shorouk Concession, offshore Egypt, where the super-giant Zohr gas field is located, to Rosneft. The transaction has a base purchase price of US$1.125 billion. In addition there is a mechanism for reimbursement of approximately $450 million of past costs. Rosneft has an option to purchase a further 5% under the same terms.
Bracewell also acted for Eni on its recent sale of a 10% participating interest in the same asset for a base purchase price of $375 million on the same deal structure.
Bracewell lawyers involved in this transaction included:
Partners: Martin Stewart-Smith and Alastair Young
Associates: Adam Blythe, Eimear Murphy and Kirsty Law