Continental Focus, International Reach

Mubadala Joins ENI on Nour North Sinai Offshore

Wednesday, November 14, 2018

ENI and Mubadala signed an agreement for the sale of a 20% participating interest out of ENI’s share in the Nour North Sinai Offshore concession in Egyptto Mubadala Petroleum, a wholly owned subsidiary of Mubadala Investment Company.

In the concession, which is in participation with EGAS, ENI holds an 85% stake in partnership with Tharwa Petroleum Company, which holds a 15% stake of the contractor’s share where ENI and Tharwa are collectively the contractor.

The completion of the transaction is subject to the fulfillment of certain standard conditions, including all necessary authorizations from Egypt’s authorities.

Nour is a block located in the prolific East Nile Delta Basin of the Mediterranean Sea, approximately 50 km offshore in the Eastern Mediterranean, in a water depth ranging from 50 to 400 meters and covers a total area of 739 sq km. 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.

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 projects development and exploration activities.”

Chairman of the Board of Mubadala Petroleum, Musabbeh Al Kaabi, also commented: “This investment enables Mubadala Petroleum to further expand our position in Egypt while deepening our strategic partnership with Eni, the operator of both the Shorouk and Nour concessions