Mubadala Energy, the Abu Dhabi-based international energy company, finalized the acquisition of a 15% stake in Egypt’s Nargis Offshore Concession from Eni, reinforcing the company’s position in the East Mediterranean and its long-term commitment to Egypt, Mubadala noted in a statement.
“This acquisition further reinforces our long‑term commitment to Egypt, expanding our portfolio with a high‑impact growth opportunity alongside world‑class partners in the strategically important East Med region,” Mansoor Mohammed Al Hamed, Managing Director and CEO of Mubadala Energy, commented.
The Nargis concession expands Mubadala Energy’s presence in the prolific East Nile Delta Basin. Located roughly 50 km offshore. The block includes the successful Nargis-1 discovery made in early 2023 and borders the Eni-operated Nour concession—a block where Mubadala Energy has maintained a 20% interest since 2018.
In addition to Nargis and Nour, the company holds a 10% stake in the Shorouk concession, which contains the Zohr gas field operated by Eni in the Mediterranean Sea.
Headquartered in Abu Dhabi, Mubadala Energy is a premier international energy firm with a global reach. The company’s portfolio of operated and non-operated assets spans 11 countries, with a strategic focus on the Middle East, North Africa, Russia, and Southeast Asia.
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