Mubadala Petroleum, the subsidiary of Mubadala Investment Company has announced completing the acquisition of a 20% stake of Italy’s Eni in the Nour offshore concession in North Sinai, Egypt.
Eni is the operator of the Nour offshore concession through its Egyptian unit IEOC in collaboration with Egyptian Natural Gas Holding Company (EGAS), while British Petroleum (BP) owns a 25% stake, and Tharwa Petroleum Company holds a 15% stake.
This acquisition deal was signed in the attendance of Egyptian Minister of Petroleum Tarek El Molla and Mubadala Petroleum’s CEO Bakheet Al Katheeri in Sharm El Sheikh.
The purchase of a 20% stake in Eni’s in the Nour offshore concession is considered a part of Mubadala Petroleum’s strategy to carry out more expansions abroad, Al Katheeri noted, indicating that this transaction is the firm’s second investment in Egypt during 2018.
On 12 November, Mubadala Investment Company’s unit unveiled inking an agreement with Eni to buy a 20% stake in the Nour offshore concession in North Sinai, Egypt.