Eni sells Egypt concession stakes to BP and Mubadala
10 December, 2018
Italy's Eni has partnered with fellow oil and gas supermajor BP and Abu Dhabi firm Mubadala Petroleum in the Nour North Sinai Offshore concession in Egypt.
BP acquired a 25% participating interest in the development while Mubadala Petroleum was sold a 20% stake.
Both sales were approved by the Egyptian government during a ceremony in Sharm El Sheik.
The 739km2 Nour North Sinai concession is located 50km offshore in the East Nile Delta Basin of the Mediterranean Sea at water depths ranging from 50 metres to 400 metres.
Eni and Tharwa Petroleum Company, who own the remaining 40% and 15% stakes respectively, are currently undertaking the drilling of the exploration well.