Mubadala Petroleum completes acquisition of 10% interest in Egypt's Shorouk Concession

ABU DHABI -- Mubadala Petroleum announces that it has completed the acquisition from Italy’s Eni of a 10%  participating interest in the offshore Shorouk Concession in Egypt, which contains the super giant Zohr gas field. Following the completion, Eni, through its subsidiary IEOC, hold s a 50% interest in the concession. The other partners in the concession are BP with 10% interest and Rosneft with 30% interest.

Dr. Bakheet Al Katheeri, CEO at Mubadala Petroleum, signed a deed with Eni completing the sale to Mubadala Petroleum in the presence of the Egyptian Minister of Petroleum, HE Tarek El - Molla, in Cairo.

The project was delivered in record time as production in the first phase of Zohr gas field commenced in December 2017. The field is currently producing over 1.1 Bcfd, equivalent to approximately 200,000 boed. Production is expected to increase to 2 Bcfd by year-end 2018, and to reach a production plateau of 2.7 Bcfd by year-end 2019.