Mubadala Petroleum acquires 20 per cent stake in Egypt’s Nour ConcessionCreated: Tuesday, 11 December 2018 06:02In the concession, Eni now holds a 40 per cent interest. The other partners in the concession are BP with 25 per cent interest and Tharwa Petroleum Company with 15 per cent interest. Dr Bakheet Al Katheeri, CEO of Mubadala Petroleum, signed a deed with Eni completing the sale to Mubadala Petroleum in the presence of the Egyptian minister of petroleum Tarek El Molla, in Sharm El Sheikh. Dr Al Katheeri, CEO of Mubadala Petroleum, added, “This acquisition of a 20 per cent interest in the Nour concession is another step in Mubadala Petroleum’s growth strategy, marking our second investment in Egypt this year. 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.

Source: The North Africa Journal December 11, 2018 06:00 UTC