Mubadala buys 10% stake in Egyptian Shorouk concession from Eni

Adnoc awarded Italian firm Eni two stakes in the emirate's offshore concession areas for $875 million following recent wins by the company in Egypt and Cyprus. Reuters

Following the sale of a 10% interest to Mubadala, Eni will hold a 50% operated interest in the Shorouk concession with Russia's Rosneft holding 30% and United Kingdom supermajor BP holding the remaining 10% interest.

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 deal with Eni, signed by ADNOC CEO Sultan al-Jaber and Eni CEO Claudio Descalzi, followed Italian Prime Minister Paolo Gentiloni's meeting with Abu Dhabi's Crown Prince Mohammed bin Zayed.

The old ADMA concession, located in the shallow waters of the Persian Gulf, accounts for about a quarter of the UAE's total oil output and half its crude production from offshore fields.

Rome-based Eni is the fourth worldwide company to secure rights to one of Adnoc's new offshore concessions and the first to sign up for the Umm Shaif and Nasr block.

In what's almost a $1 billion commitment, Italian energy company Eni said it made its Emirati debut in an agreement with the Abu Dhabi National Oil Company.

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

Its portfolio includes the Dolphin Gas Project in the Middle East, enhanced oil recovery operations in Oman along with exploration, development and production in Thailand, Indonesia, Malaysia and Vietnam.

"This is the first award by ADNOC to a major (in the offshore renewal), and shows it is looking to find a balance in its strategic partners between companies from major buyers, such as Japan and India, and IOCs (international oil companies) with technology and project delivery expertise", said Tom Quinn, senior research analyst, Middle East Upstream, Wood Mackenzie.

The company's average working interest production in 2016 was 320,000 barrels of oil equivalent per day. The concession is the only one with any gas potential.

Rome-based Eni will also take a 5% stake in the Lower Zakum deposit for $300 million, they said.

Mubadala Petroleum purchased a 10 per cent stake in an Egyptian concession holding the Mediterranean's biggest gas discovery from Italy's Eni, marking the Abu Dhabi hydrocarbons company's first foray into the Arab world's most populous nation.

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