Abu Dhabi: Mubadala Petroleum announces that it has completed the acquisition from Italy’s Eni of a 20 percent participating interest in the Nour North Sinai Offshore Area (”Nour”) concession, an offshore exploration block in Egypt.

In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni as operator through its subsidiary, IEOC, now holds a 40 percent interest. The other partners in the concession are BP with 25 percent interest and Tharwa Petroleum Company with 15 percent interest.

Dr. Bakheet Al Katheeri, Chief Executive Officer, Mubadala Petroleum signed a deed with Eni completing the sale to Mubadala Petroleum in the presence of the Egyptian Minister of Petroleum, H.E. Tarek El Molla, in Sharm El Sheikh.

Dr. Al Katheeri, CEO of Mubadala Petroleum, 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 Nour exploration block is located in the prolific 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 meters, and covering a total area of 739 km2.

Eni and Tharwa Petroleum Company are currently carrying out the drilling of the exploration well as foreseen in the first exploration period of the Nour concession.

-Ends-

About Mubadala Petroleum  

Mubadala Petroleum is a growing international, upstream oil and gas exploration and production company. We are a wholly-owned subsidiary of Mubadala Investment Company (Mubadala), which is owned by the Government of Abu Dhabi. Mubadala Petroleum manages assets and operations spanning 10 countries with a primary geographic focus on the Middle East and North Africa, Russia and Southeast Asia. Our current working interest production is around 360,000 barrels per day of oil equivalent.

In Egypt, Mubadala Petroleum has a 10 percent interest in the Shorouk concession, comprising the giant Zohr gas field.

Our success is built on a clear purpose, strong partnerships, the passion and capability of our people, and our focus on performance.

For more information, please visit www.mubadalapetroleum.com  

Further information:

Angela Soeteber, Acting Head, Communications                         

M: +65 9018 2071

angela.soeteber@mubadalapetroleum.com 

Communications@mubadalapetroleum.com 

© Press Release 2018

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.