Abu Dhabi, UAESunday 16 June 2019

Mubadala Petroleum completes acquisition of stake in Egypt field

The Abu Dhabi firm joins Eni, BP and a domestic state-owned gas company in developing the Nour concession

Mubadala Petroleum also owns a 10 per cent stake in the massive Zohr field in the Eastern Mediterranean, which was discovered by Italian energy firm Eni. Reuters
Mubadala Petroleum also owns a 10 per cent stake in the massive Zohr field in the Eastern Mediterranean, which was discovered by Italian energy firm Eni. Reuters

Mubadala Petroleum, a unit of Abu Dhabi strategic firm Mubadala Investment Company, has completed the acquisition of a 20 per cent stake in an offshore Egyptian concession area from Italy's Eni.

Eni, the main operator on the Egyptian Natural Gas Holding Company concession, will now hold a 40 per cent stake through its subsidiary, IEOC. BP holds a 25 per cent interest in the block, while Egyptian state-backed Tharwa Petroleum Company a 15 per cent stake.

The Abu Dhabi firm first entered North Africa’s biggest economy in June, when it acquired from Eni a 10 per cent participating interest in the Shorouk concession, which contains the large producing Zohr gas field, one of the biggest discoveries in the Eastern Mediterranean basin.

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"This acquisition of a 20 percent interest in the Nour concession is another step in Mubadala Petroleum’s growth strategy, marking our second investment in Egypt this year," Mubadala Petroleum chief executive Bakheet Al Katheeri said at the signing. "At the same time, we further strengthen our partnership with Eni, the operator of both the Nour and the Shorouk concessions,"

The Nour exploration block is located approximately 50 kilometres offshore in the Eastern Mediterranean, in water ranging from 50 to 400 metres in depth, covering a total area of 739km.

Eni and Tharwa are carrying out drilling of the exploration and overseeing the first exploration period of the Nour concession.

Mubadala Petroleum manages assets and operations spanning 10 countries with a geographic focus on the Middle East, Russia and South East Asia. The Abu Dhabi company's current average production is around 360,000 barrels per day of oil equivalent.

Updated: December 9, 2018 06:26 PM

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