Photo: Signing ceremony in Egypt. Source: BP

BP buys into Eni’s exploratory concession offshore Egypt

Egyptian Government has granted its approval for the sale of a 20% interest to Mubadala Petroleum and a 25% interest to BP out of Eni’s share in the Nour North Sinai offshore exploratory concession.

The approval followed the signing of farm out agreements with Mubadala Petroleum in November and BP in early December.

“This transaction is part of a wider business alignment with BP internationally and further strengthens the relationship with Mubadala Petroleum in Egypt,” Eni said in a statement on Sunday.

The transactions were approved during a ceremony in Sharm El Sheik by the Egyptian Government represented by the Egyptian Petroleum Minister, Tarek El Molla.

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

Nour is a block located in the prolific East Nile Delta Basin of the Mediterranean Sea, approximately 50 km offshore in the Eastern Mediterranean, with a water depth ranging from 50 to 400 meters, covering a total area of 739 km2.

Eni is currently carrying out the drilling of the exploration well as foreseen in the first exploration period of the Nour concession.

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