Mubadala Petroleum and BP, new partners of Eni in Egypt
Approved the sale of a 20% interest to Mubadala Petroleum and a 25% to BP out of Eni’s share in Nour offshore exploratory concession.
The Egyptian Government approved the sale of a 20% participating interest to Mubadala Petroleum, a wholly-owned subsidiary of Mubadala Investment Company, and a 25% participating interest to BP in the Nour North Sinai Offshore concession, granted to Eni.
The approval follows the signing of farm put agreements with Mubadala Petroleum in November and BP in early December respectively.
In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni now holds a 40% stake, BP holds a 25% stake, Mubadala Petroleum a 20% stake while Tharwa Petroleum Company a 15% stake of the contractor’s share.
Nour is a block located in the 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, covering a total area of 739 km2. Eni is currently carrying out the 2 drilling of the exploration well as foreseen in the first exploration period of the Nour concession.
