Mubadala Petroleum announced that it has completed the acquisition from Italy’s Eni of a 20 percent participating interest in the Nour North Sinai Offshore Area (Nour) concession, an offshore exploration block in Egypt.

In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni as operator through its subsidiary, IEOC, now holds a 40 percent interest. The other partners in the concession are BP, with 25 percent interest, and Tharwa Petroleum Company, with 15 percent interest.

Dr. Bakheet Al Katheeri, Chief Executive Officer of Mubadala Petroleum, signed an agreement with Eni completing the sale to Mubadala Petroleum, in Sharm El-Sheikh, in the presence of the Egyptian Minister of Petroleum, Tarek El Molla.

Al Katheeri said, "This acquisition of a 20 percent interest in the Nour concession is another step in Mubadala Petroleum’s growth strategy, marking our second investment in Egypt this year. At the same time, we further strengthen our partnership with Eni, the operator of both the Nour and the Shorouk concessions."

The Nour exploration block is located in the prolific East Nile Delta Basin of the Mediterranean Sea, approximately 50 km offshore in the Eastern Mediterranean, with a water depth ranging from 50 to 400 meters, and covering a total area of 739 km2.

Eni and Tharwa Petroleum Company are currently carrying out the drilling of the exploration well as foreseen in the first exploration period of the Nour concession.

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