Italian oil and gas company Eni will sell a 45% stake in its Nour North Sinai offshore exploratory concession in Egypt to BP and Mubadala Petroleum, which will acquire 25% and 20%, respectively. The amount of the transaction has not been disclosed. After the completion of the deal, the asset will be owned as follows: Eni (40%), BP (25%), Mubadala (20%) and Egypt-based Tharwa Petroleum (15%). Eni is currently carrying out the drilling of the first exploration well as foreseen in the first exploration period of the Nour concession.
The sale was initially announced in November 2018, when Eni outlined a reshuffling process of its Emirati and Egyptian portfolio. The company has been divesting other portions of its Egyptian assets and divested in particular a 10% interest in the Shorouk concession (Egypt) to Mubadala Petroleum in June 2018 for a total consideration of US$934m. The Shorouk concession includes the giant Zohr gas project, operated by Eni through its subsidiary IEOC (50% stake), in partnership with Rosneft (30%), BP (10%) and Mubadala Petroleum (10%).