Abu Dhabi’s Mubadala Energy has finalized the acquisition of a 15% participating stake in Egypt’s Nargis Offshore Area concession from Italy’s Eni, extending the UAE energy giant’s footprint in the Eastern Mediterranean and signaling fresh confidence in Egypt’s offshore gas potential.
The Nargis block sits approximately 50 kilometres off Egypt’s northern coast in the East Nile Delta Basin. It hosts the Nargis-1 gas discovery, made in early 2023, and is part of Egypt’s broader drive to reverse a decline in domestic gas output and reestablish itself as a regional energy hub.
The concession is operated by Chevron, which holds a 45% majority interest. Following the transaction, Eni retains a 30% stake through a subsidiary, while Tharwa Petroleum Company holds the remaining 10%. Financial terms were not disclosed.
The deal further cements Mubadala Energy’s position in Egypt. The company already holds a 20% interest in the adjacent Nour concession, also operated by Eni, and a 10% stake in the Shorouk concession, home to the massive Zohr gas field — the largest in the Eastern Mediterranean, estimated to hold 30 trillion cubic feet of gas.
Mubadala Energy CEO Mansoor Al Hamed said the acquisition reinforced the company’s long-term commitment to Egypt and added a high-impact growth opportunity alongside established international partners. Egypt has been aggressively courting foreign investment as domestic gas production declines and local power demand surges, recently signing a $35 billion gas import agreement with Israel to bridge its domestic shortfall.
Source: thenationalnews.com