Mubadala Energy Acquires 15% Stake in Egypt's Nargis Offshore Concession from Eni
Mubadala Energy has completed the acquisition of a 15% interest in Egypt's Nargis Offshore Area concession from Eni. The concession, located in the East Nile Delta Basin, is operated by Chevron, which holds a 45% interest. Eni retains a 30% interest through its subsidiary, while Tharwa Petroleum Company has 10%. The Nargis-1 gas discovery was made in early 2023, and the concession is part of Mubadala's strategy to expand its portfolio in the Eastern Mediterranean.
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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.
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