Mubadala Petroleum has completed the acquisition of a 10 per cent participating interest in the offshore Shorouk Concession in Egypt from Italy’s Eni
The concession contains the supergiant Zohr gas field.
Following the completion, Eni, through its subsidiary IEOC, holds a 50 per cent interest in the concession. The other partners in the concession are BP with 10 per cent interest and Rosneft with 30 per cent interest.
Dr Bakheet Al Katheeri, CEO of Mubadala Petroleum, said, “The acquisition of a 10 per cent interest in the Shorouk concession with the producing Zohr gas field is a significant portfolio addition for Mubadala Petroleum and marks our entry into Egypt. This world-class asset will provide Mubadala Petroleum with increasing future production, and substantial reserves, all of which support our drive for long-term and profitable growth.”
Claudio Descalzi, CEO of Eni, commented, “Working alongside significant partners such as Mubadala Petroleum, BP and Rosneft is a further boost for the development of Zohr and underlines the quality of the asset, which will play a fundamental role in supporting Egypt's goal of achieving energy independence.”
The Zohr field was discovered by Eni in August 2015 and is the largest natural gas field ever found in the Mediterranean, with a total potential of up to 30 trillion cu/f of gas in place. The field is located approximately 190km north of Port Said in waters approximately 1,500 metres deep.
