Italian oil and gas company Eni will sell a 20% stake in the Nour North Sinai offshore concession in Egypt to Emirati state-owned company Mubadala Petroleum. Nour is a block located in the East Nile Delta Basin and Eni is currently carrying out the drilling of the exploration well. The concession is operated by Eni with a 85% stake while the remaining 15% are held by Tharwa Petroleum Company. The amount of the transaction has not been disclosed.
Meanwhile, Eni has acquired a 25% stake in the Ghasha mega offshore gas project developed by Abu Dhabi National Oil Company (ADNOC) in the Al Dhafra region (United Arab Emirates). The 40-year Ghasha concession includes the Hail, Ghasha, Dalma ultra-sour gas fields. The project is expected to produce more than 1.5 bcf/d of gas (42.4 mcm/d) and 120,000 bbl/d of oil when it comes online around the middle of the next decade. According to Eni, the gas produced from the Hail, Ghasha and Dalma fields could meet more than 20% of the UAE's domestic demand.