CAIRO, Feb 20 – Mubadala Energy has completed the acquisition of a 15 percent interest in Egypt’s offshore Nargis Concession from Eni, further strengthening its presence in the Eastern Mediterranean’s fast-growing natural gas sector.
Following the transaction, Eni retains a 30 percent contractor stake in the concession through its subsidiary IEOC. Chevron remains the operator with a 45 percent share, while Tharwa Petroleum Company holds the remaining 10 percent. The concession is jointly developed with the Egyptian Natural Gas Holding Company (EGAS), which maintains a 50 percent ownership stake, with the remaining half held collectively by the contractor group.
The Nargis Concession is located approximately 50 kilometers offshore in the East Nile Delta Basin, an area regarded as one of the Mediterranean’s most promising hydrocarbon regions. Exploration activity at the Nargis-1 well began in early 2023, highlighting the block’s potential as a strategic gas asset.
Mansoor Mohamed Al Hamed, Managing Director and CEO of Mubadala Energy, said the acquisition aligns with the company’s long-term investment strategy in Egypt and enhances its portfolio with a high-potential growth opportunity. He added that the move also strengthens Mubadala Energy’s partnerships with leading global energy companies operating in the region.
The latest investment builds on Mubadala Energy’s existing footprint in Egypt’s offshore gas sector. The company already holds a 20 percent stake in the Noor Concession and a 10 percent interest in the Shorouk Concession, which includes the Zohr gas field, one of the largest natural gas discoveries in the Mediterranean. Both assets are operated by Eni.
The expansion reflects Mubadala Energy’s broader strategy to deepen its involvement in key gas-producing regions and capitalize on rising global demand for natural gas, as Egypt continues to position itself as a major energy hub linking Africa, the Middle East, and Europe.
