Eni broadcasts that the sale of a 20% taking part curiosity to Mubadala Petroleum, a wholly-owned subsidiary of Mubadala Investment Company, and a 25% taking part curiosity to BP within the Nour North Sinai Offshore concession, Egypt, has been permitted by the Egyptian Government. The transactions had been permitted throughout a ceremony in Sharm El Sheik by the Egyptian Government represented by the Egyptian Petroleum Minister, Eng. Tarek El Molla. The approval follows the signing of farm out agreements with Mubadala Petroleum in November and BP in early December respectively.

In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni now holds a 40% stake, BP holds a 25% stake, Mubadala Petroleum a 20% stake whereas Tharwa Petroleum Company a 15% stake of the the contractor’s share.

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This transaction is a part of a wider enterprise alignment with BP internationally and additional strengthens the connection with Mubadala Petroleum in Egypt.

Nour is a block positioned within the prolific East Nile Delta Basin of the Mediterranean Sea, roughly 50 km offshore within the Eastern Mediterranean, with a water depth starting from 50 m to 400 m, masking a complete space of 739 km2. Eni is at present finishing up the drilling of the exploration effectively as foreseen within the first exploration interval of the Nour concession.

Eni has been current in Egypt since 1954, the place it operates by means of the subsidiary IEOC. The firm is the principle producer within the nation with an fairness manufacturing of round 340 Mbpoed.

Source: www.worldoil.com

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