Mubadala Petroleum, the upstream division of Abu Dhabi investment vehicle Mubadala, has signed a deal with Italian energy major Eni to purchase a 20 per cent interest from the latter’s share in the offshore Nour gas concession in Egypt.

Eni is the operator of the gas exploration concession, through its subsidiary IEOC, which holds 85 per cent of the stake. State-owned Tharwa Petroleum Company holds a 15 per cent interest.

The value of the deal between Mubadala Petroleum and Eni is not known.

The transaction is subject to relevant regulatory approvals from the Egyptian authorities.

The transaction would mark Mubadala Petroleum’s second acquisition in Egypt. The company entered the country in June by acquiring from Eni a 10 per cent participating interest in the Shorouk concession, which contains the supergiant Zohr offshore gas field.

The Nour exploration block is located approximately 50 kilometres offshore in Egypt’s eastern Mediterranean waters, in depths ranging from 50 to 400 metres, and covers a total area of 739 square kilometres.

Eni and Tharwa Petroleum Company are carrying out drilling of the exploration well.

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