Mubadala signs concession for Red Sea Block 4

Mubadala Petroleum signed a concession agreement for oil and gas exploration in Egypt’s Red Sea Block 4. The block covers 3,084 sq km in the Northern Red Sea adjacent to Gulf of Suez basin. Subsurface studies and 3D seismic will be acquired during the contract’s initial 3-year term.

Shell is operator of Block 4 (63%). Mubadala Petroleum will hold 27% interest. Tharwa holds the remaining 10%.

Separately, Mubadala completed a farmout of 20% interest in each of Andaman I and South Andaman Gross Split production sharing contracts (PSCs) offshore Indonesia to Premier Oil PLC following government approvals (OGJ Online, July 19, 2019). Mubadala Petroleum is operator (80%) in each of the PSCs, and Premier Oil will hold the remaining 20%.