Exploration & Production

Eni sells 20% stake in Egypt’s Nour North Sinai Offshore concession

Eni has announced it has agreed terms for the sale of a 20% stake in the Nour North Sinai Offshore concession in Egypt to Mubadala Petroleum.
By Staff reporter 12 November 2018 0 33258

Eni has announced it has agreed terms for the sale of a 20% stake in the Nour North Sinai Offshore concession in Egypt to Mubadala Petroleum.

Before the sale, Eni held an 85% stake in the licence, with Tharwa Petroleum holding the remainder. Both companies act as concessionary contractors for Egyptian Natural Gas Holding Co.

The 73,900 hectare Nour block is located in the East Mediterranean 50 km off the coast of Egypt.