"Energy exchange" Completes the acquisition of a 15% stake in the company "Eni" In a concession area "Narcissus" Navy in Egypt
ABU DHABI, 19th February, 2018 (WAM) – Mubadala Energy, the global energy company headquartered in Abu Dhabi, announced the completion of its acquisition of a 15% participating stake from Eni in the Narges Offshore Concession, an offshore exploration area located off the coast of Egypt.
In this concession, Eni currently owns a 30% stake in the contractor’s interest through its subsidiary, EOC, and Chevron is in charge of operating the operations and owns a 45% stake in the contractor’s share, while Tharwa Petroleum Company owns a 10% stake.
The concession is carried out in partnership with the Egyptian Natural Gas Holding Company (EGAS), where the contractor group’s share is 50%, compared to 50% for EGAS.
Mansour Mohammed Al Hamed, Managing Director and CEO of Mubadala Energy Company, said that the acquisition of a 15% stake in the “Narges” concession area confirms our long-term commitment to the sisterly Republic of Egypt, and strengthens our investment portfolio through a high-impact growth opportunity, in addition to cooperation with global partners in the strategically important Eastern Mediterranean region.
The Narges concession area is located in the resource-rich eastern Nile Delta basin in the Mediterranean Sea, about 50 kilometers from the coast.
The concession includes exploratory operations in the “Narges-1” field, which took place in early 2023.
This area is also located next to the Noor offshore concession area, in which Mubadala Energy participated in 2018 with a 20% stake.
In addition to the “Narges” and “Noor” concession areas, Mubadala Energy owns a 10% stake in the offshore “Shorouk” concession area, which includes the “Zohr” gas producing field.
Both the Noor and Shorouk concessions are located in the Mediterranean Sea off the coast of Egypt, and are operated by Eni.
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