LONDON, Dec 17 (Reuters) - Britain on Wednesday added Egypt's Zohr gas field, in which Russian oil major Rosneft holds a 30% stake and London-based BP has a 10% holding, to a list of projects exempt
UK Exempts Zohr Gas Field from Russian Sanctions
LONDON, Dec 17 (Reuters) - Britain on Wednesday added Egypt's Zohr gas field, in which Russian oil major Rosneft holds a 30% stake and London-based BP has a 10% holding, to a list of projects exempt from its Russia sanctions.
Rosneft and Lukoil, Russia's top oil producers, were sanctioned by Britain and the United States in October over their role in financing Moscow's invasion of Ukraine.
The general licence, amended on Wednesday, now also allows payments and business operations linked to Zohr until October 2027. BP holds its stake in Zohr alongside majority stakeholder Eni, Rosneft and other partners.
The licence gave no reason for the exemption. The British government did not immediately respond to a request for comment.
Other projects exempted by the licence include other large oil and gas ventures in Russia, Kazakhstan and the Caspian region.
Zohr is operated by Italy's Eni and with an estimated 30 trillion cubic feet (Tfc) of gas is the Mediterranean's biggest field, though production has fallen well below its peak in 2019.
Eni has pledged about $8 billion of investment in Egypt and recently launched a Mediterranean drilling campaign to boost output.
(Reporting by Sam Tabahriti; Editing by Aidan Lewis)
