Abu Dhabi-based Mubadala Energy has finalised the acquisition of a 15% stake in Egypt’s Nargis Offshore Concession from Eni, reinforcing its growing footprint in the East Mediterranean and its long-term commitment to Egypt’s energy sector.
The Nargis concession expands Mubadala Energy’s presence in the prolific East Nile Delta Basin. Situated approximately 50 kilometres offshore, the block includes the successful Nargis-1 discovery made in early 2023 and borders the Eni-operated Nour concession, where Mubadala has held a 20% interest since 2018. The company also holds a 10% stake in the Shorouk concession, home to the giant Zohr gas field.
“This acquisition further reinforces our long-term commitment to Egypt, expanding our portfolio with a high-impact growth opportunity alongside world-class partners in the strategically important East Med region,” said Mansoor Mohammed Al Hamed, Managing Director and CEO of Mubadala Energy.
With assets spanning 11 countries and a strategic focus on the Middle East, North Africa, Russia and Southeast Asia, Mubadala Energy continues to build out one of the region’s most active international upstream portfolios.
Source: egyptoil-gas.com