Abu Dhabi, UAE – Mubadala Energy, the Abu Dhabi-based global energy company, announced the completion of its acquisition of a 15% participating stake in Eni in the Narges Marine Concession area.
It is a marine exploration area located off the Egyptian coast.
In this franchise, Eni currently owns a 30% stake in the contractor through its subsidiary, Ewok.
Chevron operates the operations and owns a 45% stake in the contractor, while Tharwa Petroleum owns a 10% stake.
The concession is carried out in partnership with the Egyptian Natural Gas Holding Company “EGAS”.
The contractor group’s share is 50%, compared to 50% for EGAS.
The Narges concession area is located in the resource-rich eastern Nile Delta basin in the Mediterranean Sea.
It is about 50 kilometers from the coast.
The concession includes exploratory operations in the “Nargis-1” field, which took place in early 2023.
This area is also located next to the Noor offshore concession area, in which Mubadala Energy participated in 2018 with a 20% stake.
In addition to the Narges and Nour concession areas, Mubadala Energy owns a 10% stake in the Shorouk offshore concession area, which includes the Zohr gas-producing field.
Both the Noor and Shorouk franchises are located in the Mediterranean Sea off the coast of Egypt and are operated by Eni.
