Eni sells 10% Shorouk stake to Mubadala

Eni sells 10 percent of Egypt's Shorouk concession to Mubadala Petroleum

Eni sells 10 percent of Egypt's Shorouk concession to Mubadala Petroleum

Eni, which will have a 50 per cent stake in the concession after the sale to Mubadala Petroleum, is the operator of the offshore concession.

In a separate transaction, Eni has acquired stakes in several oil and gas fields offshore Abu Dhabi.

Eni is the fourth company to be awarded stakes in the new concessions after the breakup of the original ADMA block, and the first to sign a deal for the Umm Shaif and Nasr concession.

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"Eni also believes further collaboration with ADNOC in the downstream would create synergies, bringing mutual benefits from capital, resources and knowledge sharing, and would create significant added value to ADNOC's refining assets", Descalzi said. Abu Dhabi holds about 6 percent of the world's crude reserves.

Zohr field was discovered by Eni in August 2015 and is the largest natural gas field ever found in the Mediterranean, with a total potential of up to 30 Tcf of gas in place. It split an offshore production concession that expired last week into three blocks, and Eni is the fourth global entrant to secure rights to one of the new areas.

A deal has been signed by UAE's Mubadala Petroleum and Italy's Eni for the acquisition of a 10 percent stake in Egyptian Shorouk concession. It plans to offer projects for investment as early as May and will also seek bids for new exploration blocks, the company said.

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The agreements, which have a term of 40 years, backdated to March 9, 2018, were signed by His Excellency Dr. Sultan Ahmed Al Jaber, ADNOC Group Chief Executive Officer, and Claudio Descalzi, CEO of Eni.

"This is the first award by ADNOC to a major (in the offshore renewal), and shows it is looking to find a balance in its strategic partners between companies from major buyers, such as Japan and India, and IOCs (international oil companies) with technology and project delivery expertise", said Tom Quinn, senior research analyst, Middle East Upstream, Wood Mackenzie.

Eni contributed a participation fee of AED 2.1 billion (US $575 million) to enter the Umm Shaif and Nasr concession and a fee of AED 1.1 billion (US $300 million) to enter the Lower Zakum concession.

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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.

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