Eni has finalized a 10% stake sale in the Shorouk concession to Mubadala Petroleum, a wholly-owned subsidiary of Mubadala Investment Company. The Shorouk concession is offshore Egypt, where the supergiant Zohr gas field is located. Eni, through its subsidiary IEOC, now holds a 50% stake of the Contractor’s Share, while Rosneft holds 30%, BP 10% and Mubadala Petroleum 10%.

Following a record start-up less than two and a half years from discovery, the project is now in its ramp-up phase with the aim of reaching 2 billion cubic feet of gas per day (bcfd) of total installed treatment capacity by the end of the year, and a production plateau of 2.7 bcfd by the end of 2019.

Eni's Chief Executive Officer, Claudio Descalzi, said: "We welcome today’s announcement with Mubadala Petroleum, a strong and reliable partner with whom we look forward to working with. Working alongside significant partners such as Mubadala Petroleum, BP and Rosneft is a further boost for the development of Zohr and underlines the quality of the asset, which will play a fundamental role in supporting Egypt's goal of achieving energy independence.”

Dr. Bakheet Al Katheeri, Chief Executive Officer of Mubadala Petroleum, said: “The acquisition of a 10 percent interest in the Shorouk concession with the producing Zohr gas field is a significant portfolio addition for Mubadala Petroleum and marks our entry into Egypt. This world-class asset will provide Mubadala Petroleum with increasing future production, and substantial reserves, all of which support our drive for long-term and profitable growth. At the same time we have joined a world-class partnership with Eni and look forward to working closely with them to deliver the resources to meet growing local energy demand.”

Zohr's current production is over 1.1 bcfd, corresponding to 200,000 barrels of oil equivalent per day. The project is executed by Petrobel, the operating company jointly owned by Eni and the state company Egyptian General Petroleum Corporation (EGPC), on behalf of Petroshorouk, jointly owned by the Contractor (Eni and its partners) and by the state company Egyptian Natural Gas holding Company (EGAS).

Eni has been present in Egypt since 1954, where it operates through its subsidiary IEOC Production BV. The company is the main producer in the country with an equity production of approximately 300,000 barrels of oil equivalent per day.

About ENI

Eni is an integrated energy company employing more than 34.000 people in 69 countries in the world. Eni engages in oil and natural gas exploration, field development and production, as well as in the supply, trading and shipping of natural gas, LNG, electricity and fuels. Through refineries and chemical plants, Eni processes crude oil and other oil-based feedstock to produce fuels, lubricants and chemical products that are supplied to wholesalers or through retail networks or distributors.

About Mubadala Petroleum

Mubadala Petroleum is a subsidiary company of the Mubadala investment fund, specialising in investments in the oil and gas sector worldwide. Mubadala was established by the government of Abu Dhabi (United Arab Emirates (UAE)). The fund’s strategy is based on long-term partnerships and large-scale investments that deliver not only profit but also social benefits to the residents of the Emirate of Abu Dhabi, as well as contributing to the growth and diversification of the region’s economy. Mubadala is accumulating and managing a multibillion-dollar portfolio of regional and foreign investments, as well as cooperating with leading international organisations. The fund’s investments cover a wide range of industries, including aerospace, semiconductors, the mining and metallurgy and oil and gas industries, renewable energy, IT, healthcare, real estate and infrastructure, and services.