Eni has partnered with BP in Egypt’s Nour concession

The Egyptian government has approved the sale by Italian fuels giant ENI of 20% of the Nour (Nour North Sinai) offshore concession to Mubadala Petroleum, controlled by Mubadala Investment Company.

25% to BP. Eni announces that 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, Egypt.

It has been approved by the Egyptian Government. 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. This transaction is part of a wider business alignment with BP internationally and further strengthens the relationship with Mubadala Petroleum in Egypt.

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. The other partners in the concession are BP with 25 percent interest and Tharwa Petroleum Company with 15 percent interest. In June this year.

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.

Dr. Bakheet Al Katheeri, CEO, Mubadala Petroleum signed a deed with Eni completing the sale to Mubadala Petroleum in the presence of the Egyptian Minister of Petroleum, H.E.

Tarek El Molla, in Sharm El Sheikh. Mubadala Petroleum has completed the acquisition a 20% participating interest in Eni’s Nour North Sinai Offshore Area concession, an offshore exploration block in Egypt.

In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni as operator through its subsidiary, IEOC, now holds a 40 percent interest.

Mubadala Petroleum announced the acquisition from Italy’s Eni of a 10 percent interest in the offshore Shorouk concession in Egypt, which contains the giant Zohr gas field.

Dr. Al Katheeri, CEO of Mubadala Petroleum, said: “This acquisition of a 20 percent interest in the Nour concession is another step in Mubadala Petroleum’s growth strategy, marking our second investment in Egypt this year.

The Nour exploration block is 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 metres, and covering a total area of 739 km2.

Eni and Tharwa Petroleum Company are currently carrying out the drilling of the exploration well as foreseen in the first exploration period of the Nour concession. At the same time, we further strengthen our partnership with Eni, the operator of both the Nour and the Shorouk concessions.

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 Mbpoed.

Facebook Comments