Mubadala Energy acquires 15% of Egypt’s Nargis Concession from Eni
Abu Dhabi-based Mubadala Energy has completed the acquisition of a 15% participating interest in Egypt’s Nargis Offshore Area concession, from Italian energy supermajor Eni. As a result of the agreement, Eni now holds 30% of contractor interest through its subsidiary, the International Egyptian Oil Company (IEOC).
US oil major Chevron operates the concession with a 45% contractor interest, with the remaining 10% being held by Cairo-based Tharwa Petroleum Company. The concession is in a 50/50 partnership with the Egyptian Natural Gas Holding Company (EGAS).
The Nargis concession is located in the prolific East Nile Delta Basin of the Mediterranean Sea - approximately 50 km offshore - and includes the Nargis‑1 discovery made in January 2023.
Commenting on the occasion, Mubadala Energy Managing Director & CEO, Mansoor Mohammed Al Hamed said: “This acquisition of a 15% interest in the Nargis Concession 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.”
Mubadala Energy also holds a 10% stake in Egypt’s Shorouk concession, a major offshore gas block containing the producing Zohr gas field. The Shorouk concession is also operated by Eni, as is the Nour concession of which Mubadala Energy holds a 20% stake since 2018.
