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Eni signs final deal on selling 10% of stake in Egypt's Shorouk concession to UAE's Mubadala

Egyptian Petroleum Minister Tareq El-Mulla signed on Wednesday the final agreement with the Egyptian Natural Gas Holding Company (EGAS), Italian company Eni and the UAE's Mubadala Petroleum on selling to Mubadala 10 % of Eni's stake in the Shorouk concession, offshore Egypt, where Zohr's super-giant gas field is located.

EGAS Chairman Osama El-Boqay signed the 934-million-dollar  deal alongside Mubadal Petroleum CEO Bakheet Al Katheeri and Eni General Manager  Fabio Cavanna.

In a statement on Wednesday, El-Mulla said the unprecedented results of Zohr field in all its stages contributed to encouraging investors to engage in partnerships with these projects which made Egypt at the crux of international investment in the petroleum and natural gas domain.

The engagement of new partners in investment in the petroleum domain reflects the numerous investment opportunities, he said.

He noted that this is the first time for the UAE company to invest in Egypt through partnership in Zohr field.

He said Mubadala Petroleum expressed interest in the promising investment opportunities in the oil domain, especially oil prospecting and exploration.

Eni, through its subsidiary IEOC, currently holds a 50% stake, while the other partners are Rosneft with 30%, BP with 10% and Mubadala 10%.

The Zohr super-giant gas field was successfully started-up in December 2017, in only 28 months after its discovery, and is currently producing 400 million cubic feet per day. The production will gradually ramp up to reach the plateau by the end of 2019.

Eni has been present in Egypt since 1954, where it operates through the subsidiary IEOC Production BV. The company is the main producer in the country with an equity production of around 230,000 barrels of oil equivalent per day.

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