Mubadala and BP enter ENI Nour concession in Egypt

The Egyptian government has approved the sale by Italian fuels giant ENI of 20% of the Nour offshore concession to Mubadala Petroleum, controlled by Mubadala Investment Company, and 25% to BP.

In a statement, ENI said the transactions were approved in a ceremony in Sharm-el-Sheik by the Egyptian government represented by Egyptian Petroleum Minister Tarek El Molla.

The approval follows the signing of farm-out agreements by Mubadala Petroleum in November and by BP at the start of December.

ENI will retain a 40% share in the concession, which is in participation with the Egyptian Natural Gas Holding Company (EGAS).

In addition to the 20% Mubadala Petroleum stake and the 25% BP stake, Tharwa Petroleum Company holds the remaining 15%.

"This transaction is part of a wider business alignment with BP internationally and further strengthens the relationship with Mubadala Petroleum in Egypt," ENI said.