UAE Mubadala Energy acquires 15% stake in Egypt’s Nargis offshore concession

The UAE’s Mubadala Energy has completed the acquisition of a 15% stake from Italian energy major Eni (BIT:ENI) in the Nargis offshore concession, an exploration area located off Egypt’s Mediterranean coast, Al Mal reported on February 19. 

Within the concession, Eni currently holds a 30% contractor stake through its subsidiary IEOC, while Chevron operates the block with a 45% contractor stake. Tharwa Petroleum holds 10%.

The concession is developed in partnership with Egyptian Natural Gas Holding Company (EGAS), with the contractor group and EGAS each holding a 50% interest.

Mansoor Mohamed Al Hamed, managing director and CEO of Mubadala Energy, said the acquisition supports the company’s long-term commitment to Egypt and strengthens its portfolio through a high-impact growth opportunity in the strategically important Eastern Mediterranean region.

The Nargis concession lies in the resource-rich East Nile Delta basin in the Mediterranean Sea, around 50 kilometres offshore. It includes exploration activities at the Nargis-1 well, which were carried out in early 2023.

The block is adjacent to the Nour offshore concession, in which Mubadala Energy acquired a 20% stake in 2018. In addition to Nargis and Nour, Mubadala Energy also holds a 10% interest in the Shorouk offshore concession, home to the producing Zohr gas field. Both Nour and Shorouk are operated by Eni.

Mubadala Energy is a 100% owned subsidiary of the Mubadala Investment Company, which is a sovereign wealth fund owned by the Government of Abu Dhabi. The company (formerly known as Mubadala Petroleum) manages a global portfolio of energy assets (69% gas) across 11 countries, including a 51% stake in Dolphin Energy.