Mubadala buys 20% stake in Egypt’s Nour Concession from Eni

Mubadala Petroleum has signed an agreement with Eni to purchase a 20 percent stake from its share in the Nour North Sinai Offshore Area (Nour) concession in Egypt, the Italian group said in a statement on Monday.

The completion of the transaction is subject to the satisfaction of certain customary conditions, including receiving approvals from the relevant Egyptian Government authorities.

Eni, operating the concession with Egyptian Natural gas Holding Company (EGAS), holds an 85 percent stake in partnership with Tharwa Petroleum Company, which holds a 15 percent stake of the contractor’s share.

“This transaction strengthens our partnership after the successful relationship in Zohr and confirms Mubadala Petroleum’s trust in Eni’s robustness as operator, both in projects development and exploration activities,” Eni’s chief executive officer, Claudio Descalzi, said.