Mubadala Energy Completes Acquisition of 15% Stake in Eni’s Nargis Offshore Block
Mubadala Energy has finalized its acquisition of a 15% interest in Eni’s Nargis offshore concession, an exploration area located off the coast of Egypt.
Currently, Eni holds a 30% stake in the contractor’s share through its subsidiary, Eni Offshore Company (EOC), while Chevron operates the project with a 45% stake. Additionally, Tharwa Petroleum owns 10% of the contractor’s share.
This concession is a joint venture with the Egyptian Natural Gas Holding Company (EGAS), which also holds 50% of the contractor’s share.
Mansour Mohammed Al Hamed, Managing Director and CEO of Mubadala Energy, stated that the acquisition of a 15% interest in the Nargis concession underscores the company’s long-term commitment to Egypt and enhances its investment portfolio by providing high-impact growth opportunities. It also facilitates collaboration with global partners in the strategically significant Eastern Mediterranean region.
The Nargis concession is situated in the resource-rich Eastern Nile Delta Basin of the Mediterranean Sea, approximately 50 kilometers from the shore. The concession includes exploration activities in the Nargis-1 field that commenced in early 2023. This area is adjacent to the Noor offshore concession, in which Mubadala Energy acquired a 20% stake back in 2018.
In addition to the Nargis and Noor concessions, Mubadala Energy holds a 10% stake in the Shorouk offshore concession, which encompasses the gas-producing Zohr field.
Both the Noor and Shorouk concessions are located in the Mediterranean Sea off the Egyptian coast and are operated by Eni.