Mubadala to acquire interest in Nour concession in Egypt

Mubadala Petroleum announces that it has agreed with Eni to purchase a 20 per cent participating interest from Eni’s share in the Nour North Sinai Offshore Area (Nour) concession, an offshore exploration block in Egypt. Eni is the operator of the concession through its subsidiary, IEOC. In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni holds an 85 per cent interest in partnership with Tharwa Petroleum Company, which holds a 15 per cent interest.

The completion of the transaction is subject to the satisfaction of certain customary conditions, including receiving approvals from the relevant Egyptian Government authorities.

This transaction would mark Mubadala Petroleum’s second acquisition in Egypt.