Continental Focus, International Reach

ENI Completes Nour Sale

Tuesday, December 11, 2018

ENI sold off two stakes totaling 45% in its Nour North Sinai Offshore Concession in Egypt. The Italian firm sold a 20% stake in the concession to Mubadala Petroleum and a 25% participating interest to BP.

Both transactions were approved by the Egyptian government at a ceremony in Sharm El Sheik. The approval follows the signing of farm out agreements with Mubadala Petroleum in November and BP in early December, respectively.

In the concession, which is in participation with EGAS, ENI now holds a 40% stake, BP holds a 25% stake, Mubadala Petroleum a 20% stake while Tharwa Petroleum Company has a 15% stake of the contractor’s share.

The block is located in the prolific East Nile Delta Basin of the Mediterranean Sea, in water depths ranging from 50 to 400 meters.

ENI is currently drilling an exploration well on the concession