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Eni sells 10% Shorouk to Mubadala Petroleum

Energia Petrolio Gas JIACC

Eni has finalized a 10% stake sale in the Shorouk concession to Mubadala Petroleum, a wholly-owned subsidiary of Mubadala Investment Company

Source: ENI – Eni, through its subsidiary IEOC, now holds a 50% stake of the Contractor’s Share, while Rosneft holds 30%, BP 10% and Mubadala Petroleum 10%. The Shorouk concession is offshore Egypt, where the supergiant Zohr gas field is located. Zohr’s current production is over 1.1 bcfd, corresponding to 200,000 barrels of oil equivalent per day. The project is executed by Petrobel, the operating company jointly owned by Eni and the state company Egyptian General Petroleum Corporation (EGPC), on behalf of Petroshorouk, jointly owned by the Contractor (Eni and its partners) and by the state company Egyptian Natural Gas holding Company (EGAS). Eni has been present in Egypt since 1954, where it operates through its subsidiary IEOC Production BV. The company is the main producer in the country with an equity production of approximately 300,000 barrels of oil equivalent per day

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