Mubadala Petroleum announced that it has completed a 10% franchise from the acquisition of the offshore Shorouk concession block from Eni, Italy, marking the official entry of Mubadala Petroleum into the Egyptian market.
The Zohar gas field, currently the largest natural gas field in the Mediterranean, is located in the Shorouk concession area under Egyptian jurisdiction. The gas field is located approximately 190 km north of Port Said and was discovered by the Italian energy company Eni in August 2015 with an estimated reserve of 30 trillion cubic feet.
After the completion of the acquisition, Eni holds a 50% franchise through its subsidiary IEOC, 10% each of the Russian oil company and BP.
Bakheet Al Katheeri, CEO of Mubadala Petroleum, said: "The acquisition of 10% of the franchise is an important investment portfolio of Mubadala Oil Company, marking our entry into Egypt. This world-class gas field will be Muba. In the future, Dara Oil will provide more and more production and reserves, which will support us to achieve long-term sustainable and sustainable growth."