Eni admits Mubadala as latest partner to Zohr offshore Egypt

Eni has agreed to sell 10% of its interest in the Shorouk concession in the Egyptian sector of the Mediterranean Sea to Mubadala Petroleum for $934 million.

Offshore staff

ABU DHABI, UAE – Eni has agreed to sell 10% of its interest in the Shorouk concession in the Egyptian sector of the Mediterranean Sea to Mubadala Petroleum for $934 million.

The permit contains the giantZohr gas field which started production last December, 28 months after its discovery.

Eni, through its subsidiary IEOC, currently holds a 60% stake, in partnership withRosneft (30%) and BP (10%).

Completion of the transaction remains subject to the fulfilment of certain conditions, including all necessary authorizations from Egypt’s authorities.

Zohr is currently producing 400 MMcf/d, and is set to gradually ramp up to plateau output by the end of 2019.

03/12/2018

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