Mubadala Energy has completed the acquisition of a 15% participating interest in the Nargis Offshore Area concession from Eni, strengthening its footprint in Egypt’s offshore gas sector.
The Nargis concession is an offshore exploration block located in the Mediterranean Sea and is considered a high-potential asset within the East Nile Delta Basin.
The transaction marks a further expansion of Mubadala Energy’s portfolio in Egypt and underlines its strategy of investing in core gas-producing regions.
Following the deal, Eni retains a 30% contractor interest in the concession through its subsidiary, IEOC.
The block is operated by Chevron, which holds a 45% contractor interest, while Tharwa Petroleum Company owns the remaining 10% stake.
The concession operates under a partnership structure with the Egyptian Natural Gas Holding Company (EGAS), with the contractor group and EGAS each holding a 50% interest.
Mansoor Mohammed Al Hamed, managing director and chief executive of Mubadala Energy, said the acquisition reinforces the company’s long-term commitment to Egypt and broadens its exposure to what he described as a high-impact growth opportunity in the strategically significant Eastern Mediterranean region.
“The acquisition of a 15% interest in the Nargis Concession further reinforces our long-term commitment to Egypt, expanding our portfolio with a high-impact growth opportunity alongside world-class partners in the strategically important East Med region,” he said.
The Nargis block lies approximately 50 km offshore in the prolific East Nile Delta Basin and includes the Nargis-1 discovery, which was made in early 2023.
The find has attracted industry attention as part of wider exploration success in the Mediterranean waters offshore Egypt.
The concession is adjacent to the Nour block, also operated by Eni, in which Mubadala Energy acquired a 20% stake in 2018.
In addition to its interests in Nargis and Nour, Mubadala Energy holds a 10% stake in the Shorouk concession, which is home to the producing Zohr gas field, also operated by Eni.
The latest acquisition further consolidates Mubadala Energy’s position in Egypt’s offshore gas landscape, aligning with its broader strategy to expand its international gas portfolio and support long-term energy supply from established basins in the Eastern Mediterranean.
