Eni sells 10% Shorouk stake to Mubadala

Egyptian President Abdel Fattah Al Sisi at the inauguration of production of the Zohr gasfield. Mubadala has bought a stake in the Shorouk concession from Eni. EPA

The stake in the offshore Shorouk concession is confirmed to be covering the massive Zohr gas field in the Mediterranean Sea.

Headquartered in Abu Dhabi, Mubadala Petroleum has exploration, development and production activities across eight countries, with main focus on the Middle East and Southeast Asia.

Eni contributed a participation fee of AED 2.1 billion (US $575 million) to enter the Umm Shaif and Nasr concession and a fee of AED 1.1 billion (US $300 million) to enter the Lower Zakum concession.

Eni's 40-year oil contract with Abu Dhabi is expected to give it a long-term access to crude and enable the company to expand its regional business.

Cia Espanola de Petroleos SA, a Spanish refiner owned by Mubadala, paid $1.5 billion for a 20% stake in Abu Dhabi's Sateh Al Razboot and Umm Lulu fields in a deal announced 18 February.

Eni joins an Indian consortium, led by ONGC Videsh, and Japan's INPEX as stakeholders in the Lower Zakum concession. There is now only 15% of the concession available for pickup. BP has a 10 per cent stake and Rosneft has a 30 per cent interest in the concession.

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The awards mark the first time an Italian energy company has been given concession rights in Abu Dhabi's oil and gas sector.

"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.

ADNOC hopes to increase production at the Umm Shaif and Nasr concession to 460,000 b/d, from around 300,000 b/d now, as well as producing 500 MMcf/d of gas.

Discovered in 2015, the Zohr field is estimated to have potential resources of more than 30Tcf of gas in place.

The United Arab Emirates (UAE) signed two agreements with Italy on Sunday, under which the Abu Dhabi National Oil Company (ADNOC) offered shares of several oil fields to Eni, Italy's energy giant.

Claudio Descalzi, CEO of Eni, said: "We are pleased to be working with Mubadala and welcome them into the partnership for the Shorouk concession". It split an offshore production concession that expired last week into three blocks, and Eni is the fourth global entrant to secure rights to one of the new areas.

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