Mubadala and BP enter ENI Nour concession in Egypt

ENI to retain 40% share

10 December, 11:27

    (ANSAmed) - ROME, DECEMBER 10 - The Egyptian government has approved the sale by Italian fuels giant ENI of 20% of the Nour offshore concession to Mubadala Petroleum, controlled by Mubadala Investment Company, and 25% to BP.

    In a statement, ENI said the transactions were approved in a ceremony in Sharm-el-Sheik by the Egyptian government represented by Egyptian Petroleum Minister Tarek El Molla.

    The approval follows the signing of farm-out agreements by Mubadala Petroleum in November and by BP at the start of December.

    ENI will retain a 40% share in the concession, which is in participation with the Egyptian Natural Gas Holding Company (EGAS).

    In addition to the 20% Mubadala Petroleum stake and the 25% BP stake, Tharwa Petroleum Company holds the remaining 15%.

    "This transaction is part of a wider business alignment with BP internationally and further strengthens the relationship with Mubadala Petroleum in Egypt," ENI said.

    Nour is a block 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, covering a total area of 739 square km. ENI is currently carrying out the drilling of the exploration.

    ENI has been present in Egypt since 1954, where it operates through the subsidiary IEOC. The company is the main producer in the country with an equity production of around 340 thousand barrels of oil equivalent per day.(ANSAmed).

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