Initial indicators of Noor gas field, in the Shorouk concession area of the Mediterranean Sea, showed that the field’s reserves were estimated at 10tn cubic feet. Italy’s Eni, in cooperation with Egypt’s Tharwa Company, is currently assessing the field’s reserves before making it public.
A source in the oil sector told Daily News Egypt that the ministry of petroleum has allowed Eni to sell about 20% of its stake in Noor’s field to the UAE’s Mubadala Petroleum Company, before announcing the field’s reserves and signing the development agreement as it proved worthiness.
The source pointed out that the Eni-Mubadala agreement will be concluded after the announcement of the field’s accurate reserves, as well as signing the development agreement with the ministry of petroleum.
Mubadala Petroleum, a subsidiary of Mubadala Investment Company, the sovereign wealth fund of Abu Dhabi, announced that it has acquired a 20% stake of the Noor field. Eni and Tharwa will retain about 65% and 15% shares in the field.
Eni and Tharwa have begun drilling operations in Noor field in September.
In March, the Council of Ministers approved an agreement for the exploration of oil and gas in the North Sinai maritime area, Noor. Eni and Tharwa have allocated some $105m over two phases for six years to drill two wells.
On the other hand, Eni revealed its giant Zohr gas field in August 2015 with estimated reserves of 30tn cubic feet of gas, and a daily production of 2bn cubic feet, likely to reach 3bn cubic feet before the end of 2019.
Mubadala has signed a final agreement to buy 10% of Eni’s stake in the Shorouk marine concession area, which is located in the Mediterranean Sea. The deal is valued at $934m and a signing grant of $94m.
Mubadala Petroleum, the subsidiary of UAE’s Mubadala Investment Company, owned by the UAE government in Abu Dhabi, is one of the leading companies in the exploration, development and production of oil and gas. Most of the company’s investment activities are concentrated in the Middle East and Southeast Asia.