Mubadala Energy has completed the acquisition from Eni of a 15% participating interest in the Nargis Offshore Area concession in Egypt.
Following the transaction, Eni holds 30% of the contractor interest in the block through its subsidiary IEOC. The concession is operated by Chevron with a 45% contractor interest, while Tharwa Petroleum Company owns the remaining 10%.
The concession is structured on a 50-50 participation basis between the contractor group and the Egyptian Natural Gas Holding Company (EGAS).
“This acquisition of a 15 percent interest in the Nargis Concession further reinforces our long-term commitment to Egypt, expanding our portfolio with a high-impact growth opportunity alongside world-class partners in the strategically important East Med region,” said Mansoor Mohammed Al Hamed, Managing Director & CEO of Mubadala Energy.
The Nargis concession is located in the East Nile Delta Basin of the Mediterranean Sea, around 50 km offshore Egypt. It includes the Nargis-1 discovery made in early 2023.
The block lies adjacent to the Eni-operated Nour concession, which Mubadala Energy entered in 2018 with a 20% stake.
Beyond Nargis and Nour, Mubadala Energy also holds a 10% interest in the Shorouk concession, which contains the producing Zohr gas field in the Mediterranean Sea offshore Egypt, operated by Eni.