Mubadala Energy, the Abu Dhabi headquartered international energy company, has completed the acquisition from Eni of a 15 per cent participating interest in the Nargis Offshore Area (“Nargis”) concession, an offshore exploration block in Egypt.

In the concession, Eni now holds a 30 per cent of the Contractor interest through its subsidiary, IEOC.

The concession is operated by Chevron, with a 45 per cent Contractor interest, with the remaining 10 per cent interest owned by Tharwa Petroleum Company.

The concession is in participation with the Egyptian Natural Gas Holding Company (EGAS): Contractor group 50 per cent, EGAS 50 per cent.

Mansoor Al Hamed, Managing Director & CEO of Mubadala Energy, said: “This acquisition of a 15 percent interest in the Nargis Concession further reinforces our long‑term commitment to Egypt, expanding our portfolio with a high‑impact growth opportunity alongside world‑class partners in the strategically important East Med region.”

The Nargis concession is located in the prolific East Nile Delta Basin of the Mediterranean Sea, approximately 50 km offshore.

The concession includes the Nargis‑1 discovery made in early 2023.

The Nargis concession is adjacent to the Eni-operated Nour concession, which Mubadala Energy entered in 2018 with a 20 per cent stake.

In addition to Nargis and Nour, Mubadala Energy has a 10 per cent stake in the Shorouk concession, containing the producing Zohr gas field, also located in the Mediterranean Sea offshore Egypt and operated by Eni. -TradeArabia News Service