The UK has exempted Egypt's Zohr Gas Field from Russian sanctions

The UK added Egypt's Zohr Gas Field, where?Russian oil giant Rosneft has a 30% stake? and London-based BP has a 10%?holding?, to a list that exempts Russia sanctions.

In October, Britain and the United States sanctioned Rosneft, one of Russia's largest oil producers, for their role in financing Moscow's invasion in Ukraine.

The amended general licence, dated?on Wednesday?, allows now payments and business activities linked to Zohr?until?October 2027. BP, Rosneft, Eni and other partners hold a?stake? in Zohr alongside majority stakeholder Eni.

The license did not give a reason for the exclusion. The British government didn't immediately respond to an inquiry for comment.

The licence also exempts other large oil and?gas ventures in 'Russia, Kazakhstan and Caspian Region.

Eni, the Italian company that operates Zohr, has estimated 30 trillion cubic foot (Tfc), of gas. This is the largest field in the Mediterranean. However production is well below peak levels.

Eni recently launched a Mediterranean drilling program to increase production. It has also pledged an investment of about $8 billion in Egypt. (Reporting and editing by Aidan Lewis; Sam Tabahriti)

(source: Reuters)