Eni further strengthens its partnership with Mubadala Petroleum, which began with the successful collaboration in the Shorouk concession
The Chief Executive Officer of Petroleum & Petrochemicals, Mubadala Investment Company, and President of Mubadala Petroleum, Musabbeh Al Kaabi, and the Chief Executive Officer of Eni, Claudio Descalzi, today signed an agreement for the sale of 20% of Eni's stake , in the Nour concession to Mubadala Petroleum, a subsidiary of Mubadala Investment Company.
Eni holds an 85% stake in the concession, which is owned by Egyptian Natural Gas Holding Company (EGAS). The other partner in the concession is Tharwa Petroleum Company, with the remaining 15%.
The completion of the transaction is subject to compliance with certain standard conditions, including all necessary authorizations by the Egyptian authorities.
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 and Tharwa Petroleum Company are currently carrying out the drilling of the exploration well.
Eni's CEO, Claudio Descalzi, said: "This agreement further strengthens a partnership between our companies that has started up profitably with Zohr and confirms the trust of Mubadala Petreoleum in Eni as a solid operator, both in exploration activities and in project development. ».
Mubadala Petroleum President Musabbeh Al Kaabi said: "This operation allows Mubadala Petroleum to further expand in Egypt and strengthens its strategic partnership with Eni, which is the operator in both Shorouk and Nour concessions".
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.