Eni sells 10 percent of Egypt's Shorouk concession to Mubadala Petroleum

Eni sells 10 percent of Egypt's Shorouk concession to Mubadala Petroleum

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

The deal with Eni, signed by ADNOC CEO Sultan al-Jaber and Eni CEO Claudio Descalzi, followed Italian Prime Minister Paolo Gentiloni's meeting with Abu Dhabi's Crown Prince Mohammed bin Zayed. Under the terms of the agreements, Eni has been awarded a 10% interest in the Umm Shaif and Nasr concession and a 5% interest in the Lower Zakum concession.

INPEX agreed to a participation fee of $600 million to energy Lower Zakum.

Following the sale of a 10% interest to Mubadala, Eni will hold a 50% operated interest in the Shorouk concession with Russia's Rosneft holding 30% and United Kingdom supermajor BP holding the remaining 10% interest. Both concessions will be operated by ADNOC Offshore, a subsidiary of ADNOC, on behalf of all concession partners.

"This is an important and attractive investment for Mubadala, adding a world-class asset to our portfolio with long-term cash flows", said Mubadala Investment Company CEO for petroleum and petrochemicals Musabbeh Al Kaabi.

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H.E. Dr. Al Jaber said: "These agreements underline the global market's confidence in ADNOC's long-term growth plans and the UAE's stable and reliable investment environment". Adnoc "is looking to find a balance in its strategic partners" between those from major oil-importing nations such as Japan and India and worldwide oil companies with technology and project expertise, he said.

Spanish refiner Cia Espanola de Petroleos SA paid $1.5 billion for a 20 percent stake in the Sateh Al Razboot and Umm Lulu fields in a deal announced February 18. A group of Indian companies paid $600 million for rights to 10 percent of Lower Zakum on February 10, and Japan's Inpex Corp. bought the same-sized stake last month.

"Eni also believes further collaboration with ADNOC in the downstream would create synergies, bringing mutual benefits from capital, resources and knowledge sharing, and would create significant added value to ADNOC's refining assets".

Eni is operator with now 60% interest and other partners in the concession are BP with 10% interest and Rosneft with 30% interest.

Zohr field was discovered by Eni in August 2015 and is the largest natural gas field ever found in the Mediterranean, with a total potential of up to 30 Tcf of gas in place.

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