Mubadala Energy buys stake in Egypt’s Nargis gas field

Mubadala Energy, a wholly owned subsidiary of Abu Dhabi’s Mubadala Investment Company, has acquired a 15 percent participating stake in Egypt’s Nargis offshore natural gas concession from Italy’s Eni.

The 1,800 square kilometre Nargis concession is located in the East Nile Delta in the Mediterranean Sea, around 50km off Egypt’s coast. It includes the Nargis-1 well, discovered in 2023.

Mubadala Energy CEO Mansoor Al Hamed said the deal expands the company’s portfolio with a high-impact growth opportunity in the Eastern Mediterranean region.

No financial details on the deal were disclosed.

Eni will now hold a 30 percent interest in the Nargis offshore concession, while the US company Chevron, the concession operator, holds a 45 percent stake. Tharwa Petroleum Company owns the remaining 10 percent. 

Mubadala Energy acquired a 20 percent interest in the Eni-operated Nour block in 2018. It also owns a 10 percent share in the Shorouk concession, which houses the Zohr gas field, the largest natural gas field ever discovered in the Mediterranean.

Mubadala Energy also manages its parent company’s interest in Arab Petroleum Pipelines Company in Egypt, according to its website.

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