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Mubadala Energy has finalized the acquisition of a 15% participating interest in Egypt's Nargis Offshore Area concession from Eni. The concession is situated approximately 50 km offshore in the East Nile Delta Basin and includes the Nargis-1 gas discovery made in early 2023.

Chevron operates the concession with a 45% interest, while Eni retains 30% through its subsidiary IEOC. Tharwa Petroleum Company holds the remaining 10%. The contractor group and the Egyptian Natural Gas Holding Company (EGAS) each hold a 50% stake in the concession. Mubadala Energy also holds stakes in the adjoining Nour and Shorouk concessions, enhancing its investment portfolio in Egypt and the Eastern Mediterranean.