Mubadala Petroleum announced on Wednesday that it completed the acquisition from Italy’s Eni of a 10 per cent stake in the offshore Shorouk concession in Egypt as the subsidiary of Mubadala Investment Company aims to increase production to boost growth.
Shorouk concession contains the Zohr gasfield, which is the largest natural gasfield ever found in the Mediterranean, with a total potential of up to 30 trillion cubic feet of gas.
“The acquisition of a 10 per cent interest in the Shorouk concession with the producing Zohr gasfield is a significant portfolio addition for Mubadala Petroleum and marks our entry into Egypt. This world-class asset will provide Mubadala Petroleum with increasing future production, and substantial reserves, all of which support our drive for long-term and profitable growth,” said Dr Bakheet Al Katheeri, Chief Executive Officer of Mubadala Petroleum.
Following the completion of the deal, Eni, through its subsidiary IEOC, holds a 50 per cent interest in the concession. The other partners in the concession are BP and Rosneft with 10 per cent and 30 per cent interest respectively.
Source: Gulf News