Eni to sell $934m stake in Egypt's Shorouk concession to Mubadala Petroleum

Adnoc awarded Italian firm Eni two stakes in the emirate's offshore concession areas for $875 million following recent wins by the company in Egypt and Cyprus. Reuters

The stake in the offshore Shorouk concession is confirmed to be covering the massive Zohr gas field in the Mediterranean Sea.

Eni has agreed to sell a 10% stake in the Shorouk concession offshore Egypt to Abu Dhabi's Mubadala Petroleum for $934 million.

Eni won a stake in the Lower Zakum crude deposit and the right to develop a separate area containing the Umm Shaif and Nasr fields, the people said, asking not to be identified because the information is private.

Rome-based Eni is the fourth global company to secure rights to one of Adnoc's new offshore concessions and the first to sign up for the Umm Shaif and Nasr block.

Production at Zohr began late last year and should add 70,000 boe/d (barrels of oil equivalent per day) for Eni this year, Descalzi said last month. The concession is the only one with any gas potential. Like its larger neighbors Saudi Arabia and Iraq, Abu Dhabi is also seeking gas to generate power for industries such as petrochemicals.

The emirate is seeking partners that can add downstream technology and join projects that will double refining capacity and almost triple petrochemical output, Adnoc said last week.

The agreement was signed by HE Khaldoon Khalifa Al Mubarak, Group CEO and managing director of Mubadala Investment Company, on behalf of Mubadala Petroleum and Claudio Descalzi, CEO of Eni.

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"With these agreements, ADNOC continues to leverage its 46-year legacy of successful energy partnerships, in support of its 2030 strategy".

Mubadala Petroleum is entirely owned by Mubadala Investment Company, the Abu Dhabi-based state fund with assets worth over $125 billion.

A group of Indian companies paid $600 million for rights to 10 percent of Lower Zakum on February 10, and Japan's Inpex bought the same-sized stake later that month.

"Eni is very strong in North Africa, but has traditionally been under-exposed to the Middle East", Wood Mackenzie's Quinn said in an email.

Mubadala Petroleum, which will join the Shorouk concession alongside the partners, is a subsidiary of Mubadala Investment. Adnoc says it now can pump about 3 million barrels daily, with just under half coming from offshore deposits.

Some 90 percent of the UAE's oil reserves are located in the Gulf country's capital Abu Dhabi. The signing ceremony was held in Abu Dhabi, United Arab Emirates.

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