CAIRO – Mubadala Energy, the Abu Dhabi-based international energy firm, has successfully finalized the acquisition of a 15% participating interest in Egypt’s offshore Nargis concession from the Italian energy major Eni. The transaction deepens the strategic presence of the UAE firm in the Eastern Mediterranean, a region that has emerged as a critical hub for global natural gas security and regional energy cooperation.
Under the new ownership structure, Chevron remains the lead operator with a 45% stake, while Eni’s interest—held through its subsidiary IEOC—is adjusted to 30%. The contractor group also includes Tharwa Petroleum, which maintains a 10% share. This consortium operates in a 50/50 partnership with the Egyptian Natural Gas Holding Company (EGAS), reflecting a collaborative model aimed at maximizing the resource potential of the East Nile Delta basin.
The acquisition marks a significant milestone for Mubadala Energy as it continues to pivot its portfolio toward lower-carbon energy sources, with a heavy emphasis on natural gas. "The acquisition of a 15% stake in the Nargis concession underscores our long-term commitment to Egypt," said Mansoor Mohamed Al Hamed, CEO of Mubadala Energy. He noted that the move enhances the company's investment portfolio with a "high-impact growth opportunity" in a strategically vital maritime zone.
The Nargis concession, located approximately 50 kilometers offshore in the Eastern Mediterranean, gained international attention following the Nargis-1 discovery in early 2023. This asset is strategically positioned adjacent to the Noor concession, where Mubadala Energy already holds a 20% stake. Furthermore, the company maintains a 10% interest in the world-class Shorouk concession, home to the massive Zohr field, Egypt’s largest gas producer.
For Egypt, the continued investment from major regional and global players like Mubadala, Chevron, and Eni is essential for maintaining its status as a regional energy hub. As Europe continues to seek diversified gas supplies to replace Russian imports, the infrastructure and exploration activity in the Eastern Mediterranean have taken on heightened geopolitical importance.
The completion of this deal signals continued confidence in Egypt’s upstream sector despite global macroeconomic volatility. By consolidating its holdings in some of the region's most prolific gas fields, Mubadala Energy is positioning itself to be a primary architect of the Mediterranean’s future energy landscape, leveraging partnerships with global "supermajors" to drive long-term value.
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