(MENAFN) Mubadala Petroleum was confirmed to have acquired a 10 percent stake in the offshore Shorouk concession in Egypt after concluding an acquisition deal with Italy's Eni.
Through its subsidiary IEOC, Eni now owns a 50 percent interest in the concession after the completion of the acquisition, while Rosneft holds 30 percent and BP 10 percent.
"The acquisition of a 10 percent interest in the Shorouk concession with the producing Zohr gas field is a significant portfolio addition for Mubadala Petroleum and marks our entry into Egypt," commented Mubadala Petroleum CEO Dr Bakheet Al Katheeri.
Al Katheeri added "this world-class asset will provide Mubadala Petroleum with increasing future production, and substantial reserves, all of which support our drive for long-term and profitable growth. At the same time we have joined a world-class partnership with Eni and look forward to working closely with them to deliver the resources to meet growing local energy demand."
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