Africa Oil & Gas: Eni concludes Egypt Zohr’s 10% stake sale to Mubadala Petroleum

Italian producer Eni has finalised the sale of a 10% stake in the Shorouk concession, home to the giant Zohr field, to Abu Dhabi’s Mubadala Petroleum, it said June 20. That leaves Eni with exactly half, and Russian Rosneft with 30% and the UK major BP  with 10%, as they had before.

The project is now in its ramp-up phase with the aim of reaching 2bn ft³/day by the end of the year, and a production plateau of 2.7bn ft³/d by the end of 2019. CEO Claudio Descalzi, said: “Working alongside significant partners such as Mubadala Petroleum, BP and Rosneft is a further boost for the development of Zohr and underlines the quality of the asset, which will play a fundamental role in supporting Egypt’s goal of achieving energy independence.”

Mubadala Petroleum CEO Bakheet Al Katheeri said: “The acquisition of a 10% interest in the Shorouk concession with the producing Zohr gas field is a significant portfolio addition for Mubadala Petroleum and marks our entry into Egypt. This world-class asset will provide Mubadala Petroleum with increasing future production, and substantial reserves, all of which support our drive for long-term and profitable growth. At the same time we have joined a world-class partnership with Eni and look forward to working closely with them to deliver the resources to meet growing local energy demand.”

Mubadala Petroleum is the upstream arm of Abu Dhabi’s strategic investments company Mubadala, which has interests in a number of other sectors including aerospace, semiconductors, metals and mining, renewable energy and utilities.