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


Eni agreed to a total participation fee of Dirhams 3.2 billion (around $875 million) for a 5% stake in the prized Lower Zakum concession and 10% stake in the Umm Shaif and Nasr fields, ADNOC said.

The deal coincides with the awarding of stakes in two of Abu Dhabi National Oil Company's new offshore concessions to Eni for $875m. The company is the world's fourth-largest producer of polyethylene in the world.

Headquartered in Abu Dhabi, Mubadala Petroleum has exploration, development and production activities across eight countries, with main focus on the Middle East and Southeast Asia.

Spanish refiner Cia Espanola de Petroleos SA paid $1.5 billion for a 20 percent stake in the Sateh Al Razboot and Umm Lulu fields in a deal announced February 18.

Umm Lulu, the largest single oil field up for offer, has attracted winning bids from an Indian consortium led by ONGC Videsh, and Japan's Inpex.

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Eni discovered the Zohr gas field the concession encompasses in August 2015 some 190km north of Port Said at a depth of approximately 1,500m.

The Italian firm owns owns 60 per cent of the Shorouk concession, with Rosneft holding 30 per cent and British Petroleum 10 per cent.

Eni's 40-year oil contract with Abu Dhabi will give it long-term access to crude and enable the company to expand its regional business, said Tom Quinn, a Dubai-based analyst at consultant Wood Mackenzie Ltd. Eni produces crude and gas in Libya and oil in Iraq, in addition to its operations in Egypt, where it started producing gas from the giant offshore Zohr field in December.

In addition to foreign investments that include Austria's Borealis and Canada's Nova Chemicals Corporation, Mubadala is working with Adnoc to expand the state-owned oil company's petchems facility at Ruwais in the Western Region of Abu Dhabi.

Italian oil company Eni (ENI.MI) said on Sunday it would sell a 10 percent stake in the Shorouk concession in Egypt's Zohr gas field to Mubadala Petroleum of the United Arab Emirates for $934 million. Its chief executive said the deal was "important and attractive". 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. "This represents a further signal about the strength and quality of this world-class asset developed by Eni".