Mubadala to buy 20% interest in Egypt oilfield

Abu

Dhabi state fund Mubadala Investment Company’s oil business has agreed to buy a 20 per cent participating interest in Egypt’s Nour North Sinai Offshore Area concession from Italy’s ENI, it said yesterday.

ENI, which operates the concession through a subsidiary, holds an 85 per cent interest in partnership with Tharwa Petroleum Company, which holds a 15 per cent interest.

Mubadala Petroleum said the deal was subject to conditions, including approval from Egyptian government authorities. (Reuters)