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Mubadala Mubadala has signed an agreement with Italian Eni to acquire a 20% stake in Noor's offshore gas concession in North Sinai, a maritime exploration area in Egypt.
ENI is the operator of this concession area through its subsidiary IOC, 85% owned by EGGAS, in partnership with Tharwa Petroleum Company. A 15% share.
The completion of this acquisition is subject to a series of conditions, including obtaining regulatory approvals from the relevant government agencies in Egypt, according to the Emirates News Agency news agency.
This transaction represents the second acquisition of Mubadala Petroleum Company in Egypt, where the company commenced operations in that country in June 2018, when it acquired the 10% interest of the Italian company Eni in the concession of the gas "Shorouk", which includes the field "midi". From the global level of natural gas.
"This investment contributes to the presence of Mubadala Petroleum in Egypt and strengthens the strategic partnership with ENI as the main operator of each concession," said Musabah Al Kaabi, managing director of Mubadala Investment & "Shorouq" and "Noor ". This exploration privilege strengthens our current investments in the Dhahr field, supports the company's growth strategy in Egypt, and increases the potential for additional resources that this franchise will bring to our company over the long term.
. Claudio Discalzi, CEO of Eni, said: "This transaction strengthens our partnership, which began with a successful return cooperation and reflects Mubadala Petroleum's confidence in Eni's leadership position as an operator. development projects or exploratory operations.
Noor's exploration field is located approximately 50 kilometers east of the Mediterranean Sea, its depth varies between 50 and 400 meters and its total area is 739 square kilometers.
Eni and Tharwa Petroleum Company are drilling an exploration well that emerged during the initial exploration of the Noor Concession.
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