- BUSINESS MEETINGS AND AGREEMENTS
Ask a question to find out more
Company
Governance
Sustainability
Vision
Actions
Products
Actions
Energy Diversification
Technologies for the transition
Technologies for the transition
Partnership for innovation
Activities around the world
Investors
Media
Careers
MyEni Login
Egyptian Government approval for the sale of a 20% interest to Mubadala Petroleum and a 25% interest to BP out of Eni’s share in the Nour North Sinai Offshore exploratory concession has been granted. The approval follows the signing of Farm Out Agreements with Mubadala Petroleum in November and BP in early December respectively. This transaction is part of a wider business alignment with BP internationally and further strengthens the relationship with Mubadala Petroleum in Egypt.
Egyptian Government approval for the sale of a 20% interest to Mubadala Petroleum and a 25% interest to BP out of Eni’s share in the Nour North Sinai Offshore exploratory concession has been granted
San Donato Milanese (Milan), 9 December 2018 – Eni announces that the sale of a 20% participating interest to Mubadala Petroleum, a wholly-owned subsidiary of Mubadala Investment Company, and a 25% participating interest to BP in the Nour North Sinai Offshore concession, Egypt, have today been approved by the Egyptian Government. The transactions were approved during a ceremony in Sharm El Sheik by the Egyptian Government represented by the Egyptian Petroleum Minister, Eng. Tarek El Molla. The approval follows the signing of Farm Out Agreements with Mubadala Petroleum in November and BP in early December respectively.
In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni now holds a 40% stake, BP holds a 25% stake, Mubadala Petroleum a 20% stake while Tharwa Petroleum Company a 15% stake of the contractor’s share.
This transaction is part of a wider business alignment with BP internationally and further strengthens the relationship with Mubadala Petroleum in Egypt.
Nour is a block located in the prolific East Nile Delta Basin of the Mediterranean Sea, approximately 50 km offshore in the Eastern Mediterranean, with a water depth ranging from 50 to 400 meters, covering a total area of 739 km2. Eni is currently carrying out the drilling of the exploration well as foreseen in the first exploration period of the Nour concession.
Eni has been present in Egypt since 1954, where it operates through the subsidiary IEOC. The company is the main producer in the country with an equity production of around 340 thousand barrels of oil equivalent per day.
Continue reading
Reduce
Investor Relations
Freephone for shareholders (from Italy): 800940924
Freephone for shareholders (from abroad): + 80011223456
Eni.com is a digitally designed platform that offers an immediate overview of Eni's activities. It addresses everyone, recounting in a transparent and accessible way the values, commitment and perspectives of a global technology company for the energy transition.
Discover our missionRegistered Head Office
Piazzale Enrico Mattei,1 00144 Rome, Italy
Company Share Capital
€ 4,005,358,876.00 paid up
Tax Identification Number
VAT Number 00905811006
Branches
Via Emilia, 1 and Piazza Ezio Vanoni, 1 20097 San Donato Milanese, Milan, Italy
Rome Company Register
00484960588
