Mubadala Investment Company Acquires Nargis Concession Stake from Eni

Mubadala Investment Company has completed the acquisition of a 15% participating interest in Egypt's Nargis Offshore Area concession from Eni. This transaction expands Mubadala Investment Company's footprint in the East Mediterranean, reinforcing its commitment to Egypt. Following the deal, Eni retains a 30% contractor interest through its subsidiary IEOC, while Chevron Corporation operates the concession with a 45% interest. Tharwa Petroleum Company holds the remaining 10%, and the Egypt===Egyptian Natural Gas Holding Company (EGAS) partners with the contractor group on a 50-50 basis. The Nargis concession, located approximately 50km offshore in the East Nile Delta Basin, includes the Nargis-1 discovery made in early 2023. Mubadala Investment Company also holds stakes in the adjacent Eni-operated Nour concession and the Shorouk concession, which contains the Zohr gas field.