12 Nov 2018 16:48

Eni selling 20% stake in Egypt's Nour North Sinai offshore concession to Mubadala Petroleum

MOSCOW. Nov 12 (Interfax) - Eni is selling its share in another project in Egypt as part of efforts to strengthen its ties with Mubadala Petroleum, building on the successful partnership in the Shorouk concession.

Eni said in a statement that the company has signed an agreement on the sale of a 20% stake in the offshore Nour North Sinai concession to Mubadala Petroleum.

Egypt's EGAS is also involved in the concession, Eni 85% owns 85% in partnership with Tharwa Petroleum company.

The Nour is a block located in the prolific East Nile Delta Basin of the Mediterranean Sea, approximately 50 km offshore in the Eastern Mediterranean, in water depth ranging from 50 to 400 meters, and covers a total area of 739 square kilometres. Eni and Tharwa Petroleum Company are currently carrying out the drilling of the exploration well as foreseen in the first exploration period of the Nour concession.