Mubadala Energy acquires interest in Egypt concession

Mubadala Energy, the Abu Dhabi headquartered international energy company, has acquired a 15% participating interest in Egypt’s Nargis offshore concession from Eni

The Nargis concession is located in the prolific East Nile Delta Basin of the Mediterranean Sea, approximately 50 km offshore. It includes the Nargis 1 gas discovery made in early 2023 and is adjacent to the Eni-operated Nour concession, which Mubadala Energy entered in 2018 with a 20% stake.

The Nargis concession is operated by Chevron, which has a 44% contractor interest, with Eni now holding 30% of the contractor interest through its subsidiary, IEOC and the remaining 10% interest owned by Tharwa Petroleum Company. The contractor group holds 50% of the concession, with the Egyptian Natural Gas Holding Company (EGAS) also holding 50%.

Mansoor Mohammed Al Hamed, managing director & CEO of Mubadala Energy, 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.”

In addition to Nargis and Nour, Mubadala Energy has a 10% stake in the Shorouk concession, containing the giant Zohr gas field, also located in the Mediterranean Sea offshore Egypt and operated by Eni. The Zohr gas field is the largest gas discovery in the Mediterranean, with estimated reserves of 30 trillion cubic feet.

Mubadala Energy manages assets and operations spanning 11 countries, with a primary geographic focus on the Middle East and North Africa, Russia and Southeast Asia. It has a strategic focus on expansion across the gas value chain in line with its commitment to play an active role in the energy transition. Last year the company expanded into the US market with a strategic investment in US gas and LNG through Kimmeridge.