Eni has agreed the sale to Mubadala Petroleum, a subsidiary of Mubadala Investment Company, of a share of 10% in the concession of Shorouk, offshore Egypt, where the super-giant gas field of Zohr is located. Eni, through its subsidiary IEOC, currently holds a stake in the 60% block, while the other partners are Rosneft with 30% and BP with 10%.
The agreed amount is 934 million dollars. The completion of the transaction is subject to compliance with certain standard conditions, including all necessary authorizations by the Egyptian authorities.
Zohr was successfully launched in December 2017, just 28 months from discovery, and reached a gross output of over 11 million cubic meters of gas per day. Production will gradually increase until it reaches the plateau by the end of the 2019.
Eni's Chief Executive Officer, Claudio Descalzi, said: "We are looking forward to working with Mubadala and welcoming him as a partner in the Shorouk concession. This represents a further sign of the quality of this primary asset developed by Eni ».
Musabbeh Al Kaabi, Chief Executive Officer of Petroleum & Petrochemicals, Mubadala Investment Company, and President of Mubadala Petroleum said: «This is an important and interesting investment for Mubadala, which adds a primary 1 asset.
importance with long-term cash flows to your portfolio. We are entering into a strong partnership with Eni which, as Operator, has delivered the project in record time and with the full support of the Egyptian authorities ".
Eni is present in Egypt from 1954, where it operates through the subsidiary IEOC Production BV. The company is the leading producer in the country with an equity production of around 230.000 barrels of oil equivalent per day.