Mubadala Petroleum acquires 10% stake in Egypt's Shorouk Concession

3/13/2018

ABU DHABI -- Mubadala Petroleum and Italy’s Eni signed an agreement to purchase a 10% stake in the Egyptian Shorouk Concession. The signing ceremony was presided over by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Paolo Gentiloni, Prime Minister of the Republic of Italy. The stake in the offshore Shorouk Concession encompasses the giant Zohr gas field located in the Mediterranean Sea.

The agreement was signed by HE Khaldoon Khalifa Al Mubarak, Group CEO and managing director of Mubadala Investment Company, on behalf of Mubadala Petroleum and Claudio Descalzi, CEO of Eni. The signing ceremony was held in Abu Dhabi, United Arab Emirates.

The signing ceremony was attended by His Highness Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

Eni is operator with currently 60% interest and other partners in the concession are BP with 10% interest and Rosneft with 30% interest.

The completion of the transaction is subject to the satisfaction of certain standard conditions, including receiving approvals from the relevant Egyptian Government authorities.

The signing ceremony was attended by HE Sultan bin Saeed Al Mansouri, Minister of Economy, HE Dr. Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, HE Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, HE Mohammed bin Ahmad Al Bawardi, Minister of State for Defense Affairs and HE Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and HE Mohamed Mubarak Al Mazrouei, Undersecretary of the Crown Prince Court of Abu Dhabi, HE Saqer Al Raisi, United Arab Emirates Ambassador in Italy, and Lieutenant General, Isa Saif bin Ablan Al Mazrouei, Deputy Chief of Staff of the Armed Forces and a number of officials.

Zohr field was discovered by Eni in August 2015 and is the largest natural gas field ever found in the Mediterranean, with a total potential of up to 30 Tcf of gas in place. The field is located approximately 190 km north of Port Said in waters approximately 1,500 m deep. Production in the first phase of Zohr gas field commenced in December 2017.

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