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Bracewell Acts for Eni on its Sale of 30% Interest in Egypt’s Super-Giant Zohr Gas Field to Rosneft

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 BlytheEimear Murphy and Kirsty Law