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Italian energy company Eni agreed to sell 20 percent of its participating interest in the Nour North Sinai Offshore concession, in Egypt, to Mubadala Petroleum.
In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni holds an 85 percent stake in partnership with Tharwa Petroleum Company, which holds a 15 percent stake of the contractor’s share where Eni & Tharwa are collectively the contractors.
Nour is a block located in the prolific East Nile Delta Basin of the Mediterranean Sea, approximately 50 km offshore in the Eastern Mediterranean, in water depth ranging from 50 to 400 meters, and covers a total area of 739 square kilometers.
Eni and Tharwa Petroleum Company are currently carrying out the drilling of the exploration well as foreseen in the first exploration period of the Nour concession.