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Volume
44
Issue
7
9
Egypt’s Petroleum and Mineral Resources Minister HE
Tarek El Mulla has signed a final agreement with Italy’s Eni,
UAE’s Mubadala Petroleum, and EGAS. The agreement sees
Eni finalizing a 10% stake sale in the Shorouk concession to
Mubadala Petroleum. The Shorouk concession is offshore
Egypt, where theMediterranean’s Zohr gas field is located. The
deal is worth around $934 million with a $94 signing bonus.
Following the signing, HE El Mulla stressed that the
unprecedented results achieved in Zohr field at all stages have
strongly contributed to attracting investors to partner in the
supergiant project. It has made Egypt under the spotlights
attracting the attention of global oil and gas investments.
He pointed out that the entry of newpartners to invest in the
petroleum sector reflects its unique investment opportunities.
It also serves the Egyptian economy greatly in the next stages
through utilizing the new partners’ wide experience, as well
as, supporting the Ministry’s efforts to increase investments in
the petroleum sector to maximise production and reserves. He
drew the attention to the fact that this is the first investment of
UAE’s Mubadala in Egypt as the company has showed interest
in the promising investment opportunities in the petroleum
sector.
ENI COMPLETES 10% STAKE SALE IN SHOROUK CONCESSION,
OFFSHORE EGYPT, TO MUBADALA PETROLEUM