Mubadala Energy joins Chevron, Eni in Nargis concession offshore Egypt

The transaction expands the UAE company’s existing acreage in the East Mediterrean.
Related To: 
March 2, 2026
Courtesy Mubadala Energy
Map of Mubadala Energy's offshore Egypt assets

Mubadala Energy has a 10% participating interest in the offshore Shorouk concession in Egypt, which contains the supergiant Zohr gas field, as well as a 20% participating interest in the Nour concession in the Nour North Sinai offshore area.

Mubadala Energy acquired a 15% stake from Eni last month in the Nargis offshore area exploration block offshore Egypt in the Mediterranean Sea.

Following the transaction, Chevron remains operator with a 45% interest, Eni’s share (via its subsidiary IEOC) reduces to 30%, and Tharwa Petroleum Co. retains a 10% interest.

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The concession is in participation with Egyptian Natural Gas Holding Co. (EGAS) meaning the partners have a combined overall interest of 50% with EGAS holding the other 50%.

Nargis is 50 km offshore in the East Nile Delta Basin. It includes the 2023 Nargis‑1 discovery and is also adjacent to the Eni-operated Nour concession, which Mubadala joined in 2018 by taking a 20% stake.

In addition, Mubadala Energy has a 10% position in the Eni-operated Shorouk concession, which contains the producing deepwater Zohr gas field.

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