Exploration & Production

Eni approves sale of stakes in Nour North Sinai Offshore

Italian major Eni has approved the sale of stakes in its Nour North Sinai Offshore concession in Egypt to BP and United Arab Emirates-based Mubadala Petroleum
By Staff reporter 10 December 2018 0 33615

Italian major Eni has approved the sale of stakes in its Nour North Sinai Offshore concession in Egypt to BP and United Arab Emirates-based Mubadala Petroleum. BP will take a 25% share while Mubadala will have 20%.

The companies signed farm-out agreements with Eni in early December and November respectively. Eni’s stake will fall to 40%, while Egypt’s Tharwa Petroleum will hold the remaining 15%.

The Nour block is located in the prolific East Nile Delta Basin approximately 50 km offshore in the Mediterranean...