Russian oil company Rosneft has completed the $1.125bn acquisition of a 30% stake in the concessions agreement for the development of Zohr gasfield.

The deal was signed with Italian company Eni in December last year and will make Rosneft a key participant in the development of the deepwater gasfield in the Mediterranean Sea region off the coast of Egypt.

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Under the deal, the company has also refunded its share in past project costs to Eni.

Rosneft CEO Igor Sechin said: “Having closed the deal to acquire a stake in the concession agreement for the development of Zohr gasfield, Rosneft has entered the world-class project.

“It opens up the opportunities for the company to reinforce its positions in the promising and strategic region, broadens potential of our trading division and enhances our mutually beneficial cooperation with Egypt.”

“The field is expected to contain in-place reserves of more than 850 billion cubic metres.”

The acquisition is expected to strengthen the company’s position in the strategic markets of Europe and the Middle East, as well as gain significant experience in offshore field development.

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Rosneft’s total investment in the project is estimated to be nearly $4.5bn over four years.

Eni owns a 60% stake in the gasfield, while BP holds 10%.

Eni discovered the Zohr gasfield on the shelf of Egypt in 2015.

Covering an area of nearly 231km², the field is expected to contain in-place reserves of more than 850 billion cubic metres.