Mubadala, Eni sign deal to purchase stake in Egyptian Shorouk concession

Eni Wins Two Abu Dhabi Oil Concessions for $875 Million

"The stakes in the two concessions give access to giant fields with huge potential and Eni is willing to contribute its best technology to maximize the future production", Eni's CEO Claudio Descalzi said in a statement.

The Zohr super-giant gas field was successfully started-up in December 2017, in only 28 months after its discovery, and is now producing 400 million f3/d.

Following the sale of a 10% interest to Mubadala, Eni will hold a 50% operated interest in the Shorouk concession with Russia's Rosneft holding 30% and United Kingdom supermajor BP holding the remaining 10% interest.

We are pleased to be working with Mubadala and welcome them into the partnership for the Shorouk concession.

Eni has agreed to sell to Mubadala Petroleum, a wholly owned subsidiary of Mubadala Investment Company, a 10% stake in the Shorouk concession, offshore Egypt, where Zohr's super-giant gas field is located. Abu Dhabi holds about 6 percent of the world's crude reserves.

Abu Dhabi divided up an existing offshore oil partnership into three blocks and is seeking new partners to hold as much as 40 percent of each of the new concessions. Like its larger neighbors Saudi Arabia and Iraq, Abu Dhabi is also seeking gas to generate power for industries such as petrochemicals.

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The emirate is seeking partners that can add downstream technology and join projects that will double refining capacity and almost triple petrochemical output, Adnoc said last week. Tom Quinn, a regional analyst for consultant firm Wood Mackenzie, said in a statement emailed late Sunday to that ENI can balance a North African focus with its deeper push into the Middle East offshore segment.

Cia Espanola de Petroleos SA, a Spanish refiner owned by Mubadala, paid $1.5 billion for a 20% stake in Abu Dhabi's Sateh Al Razboot and Umm Lulu fields in a deal announced 18 February.

A group of Indian companies paid $600 million for rights to 10 percent of Lower Zakum on February 10, and Japan's Inpex bought the same-sized stake later that month.

Financial terms of the stake purchase in the Egyptian Shorouk Concession, which includes the huge Zohr gasfield, Egypt's largest, were not disclosed.

Currently, production from the Zohr field is 400 million scf per day.

Headquartered in Abu Dhabi, Mubadala Petroleum has exploration, development and production activities across eight countries, with main focus on the Middle East and Southeast Asia.

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