Italian Eni sold a 20 percent participating interest in the Nour North Sinai Offshore concession in Egypt on Monday to international oil and gas company Mubadala Petroleum which focuses on the Middle East and Southeast Asia and which is a wholly owned subsidiary of Mubadala Investment Company, Abu Dhabi’s leading state strategic investment company.
According to the announcement, Eni holds an 85 percent stake in partnership with Tharwa Petroleum Company, which holds a 15 percent contractor’s share in the concession in which both Eni and Tharwa collectively act as contractor.
The completion of the transaction is subject to the fulfillment of standard conditions, and all required Egyptian authority approvals.
Nour is a block in the prolific East Nile Delta Basin of the Mediterranean Sea covering a total area of 739 square kilometers. It is situated approximately 50 kilometers offshore in the Eastern Mediterranean, in water depth ranging from 50 to 400 meters.
Eni has been present in Egypt since 1954, where it operates through its subsidiary, Italian Egyptian Oil Company (IEOC). The company is the main producer in the country with an equity production of around 340 thousand barrels of oil equivalent per day.
By Gulsen Cagatay