Dubai PR Network, Online Press Release from Dubai and Middle East
 
Oil & Gas(Energy and Industry)
Filter PR by
  
Mubadala Petroleum completes the acquisition of a 10 percent interest in the Shorouk Concession in Egypt
 
Mubadala Petroleum completes the acquisition of a 10 percent interest in the Shorouk Concession in Egypt

Abu Dhabi, 20 June 2018:   Mubadala Petroleum announces that it has completed the acquisition from Italy’s Eni of a 10 percent participating interest in the offshore Shorouk Concession in Egypt, which contains the supergiant Zohr gas field. Following the completion, Eni, through its subsidiary IEOC, holds a 50 percent interest in the concession. The other partners in the concession are BP with 10 percent interest and Rosneft with 30 percent interest. 

Dr. Bakheet Al Katheeri, Chief Executive Officer, Mubadala Petroleum signed a deed with Eni completing the sale to Mubadala Petroleum in the presence of the Egyptian Minister of Petroleum, HE Tarek El-Molla, in Cairo. 

Dr. Al Katheeri 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.” 

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.”

The Zohr field was discovered by Eni in August 2015 and is the largest natural gas field ever found in the Mediterranean, with a total potential of up to 30 trillion cubic feet of gas in place. The field is located approximately 190 kilometers north of Port Said in waters approximately 1,500m deep. 

The project was delivered in record time as production in the first phase of the Zohr gas field commenced in December 2017. The field is currently producing over 1.1 billion cubic feet of gas per day (bcfd), equivalent to approximately 200,000 barrels of oil equivalent per day. Production is expected to increase to 2 bcfd by end 2018 and to reach a production plateau of 2.7 bcfd by end 2019.


Posted by : Dubai PR Network Editorial Team
Viewed 5533 times
PR Category : Energy and Industry
Posted on : Wednesday, June 20, 2018  4:24:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Oil rallies on Opec compromise; Metals challenged by dollar ...
Next Story : Tristar Group's Jebel Ali warehouses receive DMCC's 5-star r...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Cerruti 1881 Infinite Love [16305-Views]
Express Your Signature Style [16000-Views]
The Memovox Adventure [15036-Views]
Oh, Sweetie Lipcolour! [11261-Views]
Olivia Burton Watercolour Florals [10413-Views]
Travel Light with Beauty Essentials from Glambeaute.com [9589-Views]
Innovative Chronofighter Superlight Carbon is replete with Graham's formidable motorsport ... [9174-Views]
Jaeger-Lecoultre Main Sponsor of the 75th International Film Festival of La Biennale Di V... [8882-Views]
Tissot T-Race Cycling An adrenaline-fuelled ride [8522-Views]
Marchon Eyewear and G-III Apparel Group Sign Exclusive Global Licensing Agreement For DKNY... [8333-Views]
Summer Love by Mouawad [7771-Views]
DKNY Fall 2018 [7723-Views]
Tommy Hilfiger Dressed Up Collections [7576-Views]
Etihad Airways Celebrates President Xi Jinping's Visit With a Series of Cultural Activitie... [7277-Views]
A New Watchmaking Encounter in Pink Gold at the Venice International Film Festival [7082-Views]
Huawei's New Range of Artificial Intelligent Smartphones Set to Change Your Selfie Game [7076-Views]
Canvas on Wrist – Swatch Partners Up With Riksmuseum [6942-Views]
DS Podium Chronograph - Sporty as ever, now with PrecidriveTM [6838-Views]
The Maison Chaumet opens an exclusive pop-up at The Dubai Mall [6503-Views]
Go Down Memory Lane with Fashion Trends from the '90s [6338-Views]
From skin to comprehensive aesthetic care: a 15-year journey called Kaya Skin Clinic [6246-Views]
Introducing Salvatore Ferragamo's Men's Sun and Optical Capsule [6094-Views]
Inspired by legends, worn by new heroes, PUMA FOOTBALL brings you the AC MILAN 2018/19 Awa... [5984-Views]
Enjoy an all-day breakfast at Sophie's Café [5966-Views]
Dubai Camel Racing Club Honours Al Tayer Motors [5685-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories