Mubadala acquires 20% stake in Eni’s Nour gas field

Follows Mubadala acquisition of a 10% interest in the Shorouk concession in Egypt from Eni, earlier this year

Mubadala Petroleum along with UK’s BP have signed an agreement to secure stakes in the Nour North Sinai Offshore Area concession which is an offshore exploration block in Egypt.

The stakes were owned by Italian oil and gas company Eni, which had 85% stake in the field and Egyptian company Tharwa petroleum which had the remaining 15%. With BP securing a 25% stake in the oil field and Mubadala acquiring 20%, Eni’s shares went down by 45% and Tharwa Petroleum retained their 15% share.

The agreement was signed by Dr Bakheet Al Katheeri, CEO of Mubadala Petroleum with Eni completing the sale in the presence of Egyptian Minister of Petroleum, Tarek El Molla in Sharm El-Sheikh in Egypt.

Al Katheeri said: “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.”

“At the same time, we further strengthen our partnership with Eni, the operator of both the Nour and the Shorouk concessions.”

The gas field is located in the East Nile Delta Basin of the Mediterranean Sea, approximately 50 km offshore in the Eastern Mediterranean, with a water depth ranging from 50 to 400 m, and covering a total area of 739 sqkm, according to Mubadala.

Eni and Tharwa Petroleum are currently occupied with drilling of the exploration well as foreseen in the first exploration period of the Nour gas field.

Earlier this year, Mubadala Petroleum had announced their acquisition of 10% interest in the offshore Shorouk concession in Egypt from Eni, as well which contains the Zohr gas field.

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