Egypt Approves Eni Noor Stakes Sales

Egypt has approved two sales of stakes in the Noor concession, operator Eni said December 8. Abu Dhabi's state investment fund, Mubadala Petroleum, receives 20% and UK major BP 25%. 

The approval follows the signing of farm-out agreements with Mubadala Petroleum in November and BP in early December, although the latter was not announced. The Italian operator now holds a 40% stake, BP 25%, Mubadala Petroleum 20%, and state-owned Tharwa Petroleum 15%.

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

Noor is a block in the prolific East Nile Delta Basin of the Mediterranean Sea, about 50 km offshore in the Eastern Mediterranean, with a water depth ranging from 50 to 400 metres, covering a total area of 739 km². Eni is drilling the exploration well as foreseen in the first exploration period of the Noor concession.