Mubadala Signs New Deal With Eni For Egypt Concession

Abu Dhabi: Mubadala Petroleum and Italy’s Eni signed an agreement to purchase a 10 per cent stake in the Egyptian Shorouk Concession encompassing the giant Zohr gasfield located in the Mediterranean Sea.

Currently, Eni is the chief operator with a 60 per cent interest, and other partners in the concession are BP, with 10 per cent interest, and Rosneft, with 30 per cent interest.

“This is an important and attractive investment for Mubadala, adding a world-class asset to our portfolio with long-term cash flows. We are joining a strong partnership with Eni as operator, who have delivered the project in record time and with the full support of the Egyptian authorities,” said Musabbeh Al Kaabi, Chief Executive Officer of Petroleum & Petrochemicals, Mubadala Investment Company, and Chairman of Mubadala Petroleum.

“This is an investment in Egypt in a project that will help meet the country’s growing energy demand while it is reshaping the energy sector and opening new opportunities across the full energy value chain.”

The agreement was signed by Khaldoon Khalifa Al Mubarak, Group Chief Executive Officer and Managing Director of Mubadala Investment Company, on behalf of Mubadala Petroleum and Claudio Descalzi, Chief Executive Officer of Eni in the presence of His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Paolo Gentiloni, Prime Minister of the Republic of Italy.

The Zohr field was discovered by Eni in August 2015. It is the largest natural gasfield ever found in the Mediterranean, with a total potential of up to 30 trillion cubic feet of gas in one place.

The field is located about 190 kilometres north of Port Said in waters approximately 1,500m deep. Production in the first phase of the Zohr gasfield commenced in December 2017, according to a statement by Mubadala Petroleum on Sunday.