Mubadala Energy, a leading Abu Dhabi- based international energy company, has completed the acquisition from Eni of a 15 percent participating interest in the Nargis Offshore Area (Nargis) concession, an offshore exploration block in Egypt.
In the concession, Eni now holds a 30 percent share of the contractor interest through its fully owned subsidiary, IEOC, maintaining a significant role in the development and management of the offshore assets. The concession is operated by Chevron, which holds a 45 percent contractor interest, overseeing day-to-day operations, exploration activities, and production strategies.
The remaining 10 percent stake is owned by Tharwa Petroleum Company, reflecting a diversified and collaborative partnership structure that combines international expertise with local investment to optimize the concession’s overall performance and long-term value.
The concession is operated in close partnership with the Egyptian Natural Gas Holding Company (EGAS), under a joint arrangement in which the contractor group collectively holds a 50 percent stake and EGAS retains the remaining 50 percent, ensuring balanced participation between international partners and the Egyptian state.
The Nargis concession is located in the prolific East Nile Delta Basin of the Mediterranean Sea, approximately 50 km offshore Egypt, an area recognized for its significant gas potential and ongoing exploration success.
The concession includes the Nargis-1 discovery made in early 2023, which marked an important addition to the basin’s growing portfolio of hydrocarbon finds. Nargis is adjacent to the Eni-operated Nour concession, which Mubadala Energy entered in 2018 with a 20 percent stake, further strengthening its footprint in Egypt’s offshore sector.
Mansoor Mohamed Al Hamed Managing Director and CEO Mubadala Energy
“This acquisition of a 15 percent interest in the Nargis Concession 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.”
In addition to Nargis and Nour, Mubadala Energy also holds a 10 percent stake in the Shorouk concession, home to the producing Zohr gas field, one of the largest gas discoveries in the Mediterranean, also located offshore Egypt and operated by Eni, underscoring the company’s expanding strategic presence in the region.
