Egypt: Eni sells 20 percent stake in Nour North Sinai Offshore concession

Image: oilandgasmiddleeast.com

Eni has sold a 20 percent stake in the Nour North Sinai Offshore concession in Egypt to Mubadala Petroleum – a subsidiary of Mubadala Investment Company.

The concession is in participation with Egyptian Natural Gas Holding Company, Eni holds an 85 percent stake through its subsidiary. Tharwa Petroleum Company holds the remaining 15 percent.

Confirming the sale, Eni’s CEO Claudio Descalzi said: “This transaction strengthens our partnership after the successful relationship in Zohr and confirms Mubadala Petroleum’s trust in Eni’s robustness as operator, both in project development and exploration activities.”

Mubadala Petroleum’s Chairman, Musabbeh Al Kaabi said the investment would enable the company to expand its position in Egypt and strengthen its partnership with Eni.

Eni and Tharwa Petroleum Company are in the process of carrying out the drilling of the exploration well as foreseen in the first exploration period of the Nour concession.

The Nour block is located in the East Nile Delta Basin of the Mediterranean Sea.

Egypt recently signed agreements for the exploration of oil and gas in areas including the Mediterranean, Western desert, Nile Delta and the Guld of Suez.