Mubadala Energy has completed the acquisition of a 15 per cent participating interest in Egypt’s Nargis Offshore Area concession from Eni, further expanding its footprint in the East Mediterranean.
The Nargis concession is an offshore exploration block located approximately 50km offshore in the East Nile Delta Basin. It includes the Nargis-1 discovery, announced in early 2023, and sits adjacent to the Eni-operated Nour concession, in which Mubadala Energy has held a 20 per cent stake since 2018.
Following the transaction, Eni retains a 30 per cent contractor interest in the block through its subsidiary IEOC. The concession is operated by Chevron, which holds a 45 per cent contractor interest, while Tharwa Petroleum Company owns the remaining 10 per cent. The contractor group holds a 50 per cent stake in partnership with the Egyptian Natural Gas Holding Company (EGAS), which owns the remaining 50 per cent.
Mansoor Mohammed Al Hamed, managing director and CEO of Mubadala Energy, said: “This acquisition of a 15 percent interest in the Nargis Concession further reinforces our long-term commitment to Egypt, expanding our portfolio with a high-impact growth opportunity alongside world-class partners in the strategically important East Med region.”
Beyond Nargis and Nour, Mubadala Energy also holds a 10 per cent stake in the Shorouk concession, <a href="https://jordangazette.com/redtag-unveils-a-2026-ramadan-home-collection-that-elevates-every-gathering-from-table-to-living-space/”>home to the producing Zohr gas field in the Mediterranean Sea offshore Egypt, which is operated by Eni.