Mubasher: Mubadala Energy has acquired a 15% participating interest in Egypt’s Nargis offshore area concession from Eni, according to a press release.
Following the transaction, Eni now holds a 30% contractor interest in the concession through its subsidiary IEOC, while Chevron remains the operator with a controlling stake of 45%. The remaining 10% equity shareholding is owned by Tharwa Petroleum Company.
Meanwhile, the concession operates under a partnership structure with the Egyptian Natural Gas Holding Company (EGAS), with the contractor group and EGAS each holding 50%.
Mansoor Mohammed Al Hamed, Managing Director and CEO of Mubadala Energy, stated: “This acquisition of a 15% 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.”
Located approximately 50 km offshore in the East Nile Delta Basin, the concession includes the Nargis-1 discovery made in early 2023. The block lies adjacent to the Nour concession, where Mubadala Energy previously purchased a 20% stake in 2018.
Beyond Nargis and Nour, Mubadala Energy also holds a 10% stake in the Shorouk concession, home to the producing Zohr gas field operated by Eni.
