Mubadala Petroleum has agreed to acquire a minority stake from Italian energy company Eni’s share in one of Egypt’s offshore exploration concessions, its second acquisition in the North African country.
The company, a subsidiary of Abu Dhabi’s strategic investment firm Mubadala Investment Company, will control 20 per cent of Egypt’s Nour North Sinai Offshore Area concession, which Eni operates through its subsidiary IEOC, Mubadala Petroleum said in a statement on Monday.
In co-operation with Egyptian Natural Gas Holding Company, Eni holds an 85 per cent interest with its partner Tharwa Petroleum Company, which holds a 15 per cent stake in the offshore block.
“This investment enables Mubadala Petroleum to further expand our position in Egypt while deepening our strategic partnership with Eni, the operator of both the Shorouk and Nour concessions,” said Musabbeh Al Kaabi, chief executive of Petroleum & Petrochemicals at Mubadala and chairman of the Mubadala Petroleum board.
________________
Read more:
Mubadala Petroleum forays into Russian upstream market with joint venture deal
Mubadala Petroleum signs production sharing contract for Indonesian gas field
Mubadala Petroleum & Petrochemicals to finalise investments in Malaysia and US
Exclusive: Mubadala's petroleum and petrochemicals wing eyes lower cost barrels
________________
“This exploration block complements our existing investment in Zohr, supports our growth strategy in Egypt and holds the potential to unlock an additional resource base that could add to our business in the longer term.”
The company first entered North Africa’s biggest economy in June, when it acquired a 10 per cent participating interest in the Shorouk concession from Eni, which contains the producing Zohr gas field.
The deal is subject to conditions, including receiving approvals from the relevant Egyptian authorities, according to the statement.
The Nour exploration block is located approximately 50 kilometres offshore in the Eastern Mediterranean, in water ranging from 50 to 400 metres in depth, covering a total area of 739km.
Eni and Tharwa are carrying out drilling of the exploration and overseeing the first exploration period of the Nour concession, it added.
Mubadala Petroleum manages assets and operations spanning 10 countries with a geographic focus on the Middle East, Russia and South East Asia. The Abu Dhabi company's current average production is around 360,000 bpd of oil equivalent.
Mubadala Petroleum and Russian Direct Investment Fund in May formed a joint venture with Gazprom Neft-Vostok to develop several oilfields in Russia. In its first foray into the Russian market, the company and RDIF, the country's sovereign wealth fund, are acquiring a 49 per cent equity stake in Gazprom Neft-Vostok, the operator of the oilfields in Western Siberia, they said in a joint statement at the time.
The company in April signed a production sharing contract for Andaman I in Indonesia, which was awarded by Jakarta in a 2017 licence round. Mubadala Petroleum is the operator of Andaman I and a partner in Andaman II, operated by UK's Premier Oil. The two adjacent fields are located in the under-explored North Sumatra basin offshore Aceh, a region where Mubadala Petroleum has been active since 2011 through joint study agreements.
More from Rashmee Roshan Lall
UAE currency: the story behind the money in your pockets
T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
Ain Issa camp:
- Established in 2016
- Houses 13,309 people, 2,092 families, 62 per cent children
- Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
- Most from Deir Ezzor and Raqqa
- 950 foreigners linked to ISIS and their families
- NGO Blumont runs camp management for the UN
- One of the nine official (UN recognised) camps in the region
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
FOOTBALL TEST
Team X 1 Team Y 0
Scorers
Red card
Man of the Match
UAE currency: the story behind the money in your pockets
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
UAE currency: the story behind the money in your pockets