Abu dhabi: Mubadala Energy, the Abu Dhabi-headquartered international energy company, announced that it has completed the acquisition from Eni of a 15 percent participating interest in the Nargis Offshore Area (Nargis) concession, an offshore exploration block in Egypt.
According to Emirates News Agency, in the concession, Eni now holds a 30 percent Contractor interest through its subsidiary, IEOC. The concession is operated by Chevron, which holds a 45 percent Contractor interest, with the remaining 10 percent interest owned by Tharwa Petroleum Company. The concession is operated in partnership with the Egyptian Natural Gas Holding Company (EGAS), with the contractor group holding 50 percent and EGAS holding the other 50 percent.
Mansoor Mohammed Al Hamed, Managing Director and CEO of Mubadala Energy, stated, "This acquisition of a 15 percent interest in the Nargis Concession further reinforces our long-term commitment to Egypt, expanding our portfolio with a high-impact growth opportunity alongside world-class partners in the strategically important East Med region."
The Nargis concession is situated in the East Nile Delta Basin of the Mediterranean Sea, approximately 50 km offshore. It includes the Nargis-1 discovery made in early 2023. The Nargis concession is adjacent to the Eni-operated Nour concession, which Mubadala Energy entered in 2018 with a 20 percent stake.
In addition to Nargis and Nour, Mubadala Energy has a 10 percent stake in the Shorouk concession, which contains the producing Zohr gas field, also located in the Mediterranean Sea offshore Egypt and operated by Eni.
