Abu Dhabi-based international energy company Mubadala Energy has completed the acquisition of a 15 percent participating interest in Egypt’s Nargis Offshore Area concession from Eni, expanding its footprint in the East Mediterranean.
Following the transaction, Eni holds a 30 percent contractor interest in the concession through its subsidiary IEOC. The block is operated by Chevron, which owns a 45 percent contractor interest, while Tharwa Petroleum Company holds the remaining 10 percent. The concession operates in partnership with the Egyptian Natural Gas Holding Company, with the contractor group holding 50 percent and EGAS holding the remaining 50 percent.
The Nargis concession is located in the East Nile Delta Basin of the Mediterranean Sea, approximately 50 kilometers offshore Egypt. It includes the Nargis-1 discovery made in early 2023, positioning the block as a high-potential growth asset in the region.
The concession is adjacent to the Eni-operated Nour concession, which Mubadala Energy entered in 2018 with a 20 percent stake. In addition to its interests in Nargis and Nour, Mubadala Energy also holds a 10 percent stake in the Shorouk concession, which contains the producing Zohr gas field in the Mediterranean Sea offshore Egypt and is operated by Eni.
KEY QUOTES
“This acquisition of a 15 percent 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.”
Mansoor Mohammed Al Hamed, Managing Director & CEO of Mubadala Energy
