Eni announces the entry of Mubadala Petroleum and BP as a partner in the Nour concession in Egypt

The Egyptian government has approved the sale by Eni of a share of 20% to Mubadala Petroleum and a share of 25% to BP in the exploration concession Nour
San Donato Milanese (Mi), 9 December 2018 - Eni announces that the Egyptian government today approved the sale by Eni of a 20% stake to Mubadala Petroleum, a subsidiary of Mubadala Investment Company, and of a 25% stake to BP in the Nour concession, offshore Egypt. The approval was celebrated during a ceremony in Sharm el-Sheik in the presence of the Egyptian oil minister, Tarek El Molla. The approval by the government follows the signing of the farm-out agreements with Mubadala Petroleum in November and with BP in early December.
In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni now holds a share of 40%, BP of 25%, Mubadala Petroleum of 20% and Tharwa Petroleum Company the remaining 15%.
This operation is part of a broader partnership with BP at international level and further strengthens the collaboration with Mubadala Petroleum in Egypt.
Nour is a block located in the prolific eastern Nile Delta basin of the Mediterranean Sea, approximately 50 km off the coast, in water depths of 50 to 400 meters and covers a total area of ​​739 km2. Eni is currently carrying out the drilling of the exploration well.
Eni is present in Egypt from 1954, where it operates through the subsidiary IEOC. The company is the main producer of the country with an equity production of about 340 thousand barrels of oil equivalent per day.

Eni announces the entry of Mubadala Petroleum and BP as a partner in the Nour concession in Egypt

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