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Mubadala buys stake in Egypt’s Shorouk concession
The United Arab Emirate’s Mubadala Petroleum has bought a 10% interest in the offshore Shorouk concession from Italian company Eni, marking its entry into Egypt and the supergiant Zohr gas field.
Zohr is currently producing over 1.1bn cf/d of gas. This is expected to increase to 2bn cf/d by end-2018 and reach a production plateau of 2.7bn cf/d by end-2019. Discovered by Eni in August 2015, Zohr is the largest natural gas field ever found in the Mediterranean, with a total potential of up to 30tn cf of gas in place.
Once the deal has completed, Eni will hold a 50% stake in the Shorouk concession through its subsidiary IEOC, partnered by Rosneft (30%), BP (10%) and Mubadala Petroleum (10%).
News Item details
Journal title: Petroleum Review
Region: Eastern Mediterranean
Subjects: Exploration and production, Gas
