Eni sells stake in Shorouk concession to Mubadala Petroleum

Mubadala Petroleum, a wholly owned subsidiary of Mubadala Investment Co., has agreed to acquire 10% participating interest in the Shourouk concession and its supergiant Zohr gas field offshore Egypt from Eni SPA for $934 million.

The deal is subject to the satisfaction of certain standard conditions, including approvals from relevant Egyptian government authorities.

Eni is operator with 60% interest. BP PLC holds 10% interest and Rosneft holds 30% interest (OGJ Online, Dec. 12, 2016).

Zohr field was discovered by Eni in August 2015. Located 190 km north of Port Said in 1,500 m of water, Zohr holds total potential of as much as 30 tcf of gas in place. Production in the first phase of Zohr gas field started in December 2017 (OGJ Online, Dec. 20, 2017).