Mubadala buys 20% stakes in Egyptian project
abu dhabi — Mubadala Petroleum purchased 20 per cent stake of Eni’s share in the Nour North Sinai offshore area concession, an offshore exploration block in Egypt, the companies said on Monday.
In the concession, which is in participation with Egyptian Natural Gas Holding Company, Eni holds an 85 per cent interest in partnership with Tharwa Petroleum Company, which holds a 15 per cent interest.
The announcement was made on the sidelines of Adipc 2018 exhibition in Abu Dhabi on Monday. The completion of the transaction is subject to approvals from the relevant Egyptian authorities. This transaction would mark Mubadala Petroleum’s second acquisition in Egypt. The company entered the country in June 2018 by acquiring from Eni a 10 percent participating interest in the Shorouk concession, which contains the producing world-class Zohr gas field.
Musabbeh Al Kaabi, CEO of Petroleum and Petrochemicals, Mubadala Investment, said this investment will further expand company’s position in Egypt.
“This exploration block complements our existing investment in Zohr, supports our growth strategy in Egypt and holds the potential to unlock an additional resource base that could add to our business in the longer term,” he said.
The Nour exploration block is located approximately 50 km offshore in the Eastern Mediterranean, in water depth ranging from 50 to 400 meters, and covers a total area of 739km2.
Eni and Tharwa Petroleum Company are currently carrying out drilling of the exploration well as foreseen in the first exploration period of the Nour concession.