Mubadala Buys Stake in Egypt's Nour Offshore Concession

Monday, November 12, 2018

Abu Dhabi state fund Mubadala Investment Company's oil business Mubadala Petroleum has agreed to buy a 20 percent participating interest in Egypt's Nour North Sinai Offshore concession from Italy's Eni, it said on Monday.

Egypt's main producer Eni operates the concession through a subsidiary and holds an 85 percent interest in partnership with Tharwa Petroleum Company, which holds a 15 percent interest. Eni and Tharwa are collectively the contractor.

Mubadala Petroleum and Eni said the deal is subject to conditions, including approval from Egyptian government authorities.

Nour is a block located in the East Nile Delta Basin of the Mediterranean Sea, approximately 50 kilometers offshore in the Eastern Mediterranean, in water depth ranging from 50 to 400 meters, and covers a total area of 739 square kilometers.

Eni and Tharwa Petroleum Company are currently carrying out the drilling of the exploration well as foreseen in the first exploration period of the Nour concession.

Eni’s CEO, Claudio Descalzi, said, “This transaction strengthens our partnership after the successful relationship in Zohr and confirms Mubadala Petroleum’s trust in Eni’s robustness as operator, both in projects development and exploration activities.”

Mubadala Petroleum chairman, Musabbeh Al Kaabi, said, “This investment enables Mubadala Petroleum to further expand our position in Egypt while deepening our strategic partnership with Eni, the operator of both the Shorouk and Nour concessions.”

Categories: Middle East Industry News

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