Mubadala, Eni sign deal to purchase stake in Egyptian Shorouk concession

Egyptian President Abdel Fattah Al Sisi at the inauguration of production of the Zohr gasfield. Mubadala has bought a stake in the Shorouk concession from Eni. EPA

Italian oil company Eni (ENI.MI) said on Sunday it would sell a 10 percent stake in the Shorouk concession in Egypt's Zohr gas field to Mubadala Petroleum of the United Arab Emirates for $934 million.

The stake in the offshore Shorouk concession would mark Mubadala Petroleum's entrance in the Egyptian market and is being acquired for $934m, according to media reports.

The agreements, which have a term of 40 years, backdated to March 9, 2018, were signed by His Excellency Dr. Sultan Ahmed Al Jaber, ADNOC Group Chief Executive Officer, and Claudio Descalzi, CEO of Eni. BP has a 10 per cent stake and Rosneft has a 30 per cent interest in the concession.

"This is an important and attractive investment for Mubadala, adding a world-class asset to our portfolio with long-term cash flows", said Musabbeh Al Kaabi, chairman of Mubadala Petroleum and chief executive of petroleum and petrochemicals at Mubadala Investment Company.

"Our partnership with Eni, and other concession partners, will enable us to accelerate our growth, increase revenue and improve integration across the upstream value chain, as part of our ongoing transformation and build on the foundations that have been laid to deliver a more profitable upstream business".

Eni discovered the Zohr gasfield, which holds up to 30 trillion cubic feet of gas, in August 2015.

Government signals 1p and 2ps coins are here to stay
The penny has been around since the 8th century, but the current decimal coins only came into circulation in 1971. Rare 1983 2p coins that say "new pence" rather than "two pence" have fetched more than £500 at auction.

Drake, JuJu Smith-Schuster, Travis Scott, And Ninja set Twitch record together
Drake stans lost it a bit today after he revealed he was playing Fortnite with the most popular streamer on Twitch, Ninja . However, these numbers, already well beyond what the majority of Twitch streamers see, were dwarfed by last night's stream.

Devil May Cry HD Collection and Dante Coming to Monster Hunter
Lastly, Devil May Cry 3 Special Edition is the prequel to the first Devil May Cry and introduces Vergil, Dante's twin brother. Another collaboration event is coming to Monster Hunter: World offering a new weapon and skin.

The completion of the transaction is subject to the satisfaction of certain standard conditions, including receiving approvals from the relevant Egyptian Government authorities.

The sale would leave Eni with a 50% share in the concession.

The field lies in the Mediterranean Sea, about 190 kilometres north of Port Said in a water depth of roughly 1500 metres.

"We are pleased to be working with Mubadala and welcome them into the partnership for the Shorouk concession", said Mr Descalzi.

Mubadala Petroleum is entirely owned by Mubadala Investment Company, the Abu Dhabi-based state fund with assets worth over $125 billion. The company is the world's fourth-largest producer of polyethylene in the world.

Eni, which produced an average of 1.8 million b/d of oil equivalent in 2017 from its global operations, has held regular meetings with ADNOC and Mubadala, the emirate's energy and industry investment vehicle, to discuss opportunities for collaboration in the upstream and downstream sectors.

Related News:

  • We're Happy To Announce Queer Eye Fan Favorites Tom & Abby Are ENGAGED!

    We're Happy To Announce Queer Eye Fan Favorites Tom & Abby Are ENGAGED!

    Tom got a suave makeover in the first episode of the Netflix series to win back Abby - who he called the love of his life. He also said his grandson Chandler would serve as ring bearer and that all his Twitter followers were invited.
    Japan Nobel victor  Ei-ichi Negishi's wife found dead in US

    Japan Nobel victor Ei-ichi Negishi's wife found dead in US

    The couple had last been seen at their West Lafayette home, near Purdue University where Mr Negishi is a chemistry professor. The statement also said that Negishi told authorities he was trying to get to the Rockford International Airport for a trip.
    Erdogan hopes Afrin to be captured by Wednesday evening

    Erdogan hopes Afrin to be captured by Wednesday evening

    A group of sick and injured civilians left eastern Ghouta on Tuesday under the first medical evacuation since the offensive began. The regime has reportedly been pursuing separate tracks of negotiations to secure local truces or evacuations from each zone.
  • Rofger Federer moves into Indian Wells quarters

    Rofger Federer moves into Indian Wells quarters

    The South African will face unseeded Borna Coric in the quarterfinals after the Croatian beat Taylor Fritz 6-2 6-7 (6-8) 6-4. Down a set and behind 5-0 in the second set, Cuevas miraculously saved seven match points to win the game.
    Batshuayi to Dortmund's rescue

    Batshuayi to Dortmund's rescue

    Andre Schurrle somehow headed Christian Pulisic's cross wide in the 10th minute as Dortmund dominated the opening exchanges. But it was another substitute, Luka Jovic, who rewarded Frankfurt's patience with the equalizer with 15 minutes remaining.
    Minor Leagues to start extras with runner on 2nd

    Minor Leagues to start extras with runner on 2nd

    In the minor leagues, with developing pitchers on pitch counts and inning limitations, extra-inning games can tax a team's roster. If the batter doesn't return to the box with 7 or more seconds remaining on the clock, a strike will be called.
  • OIC condemns attack on Palestine PM in Gaza

    OIC condemns attack on Palestine PM in Gaza

    The PA, however, was noticeably absent from the six-hour meeting which took place at the White House's Executive Office Building. Sami Akeelh, an academic researcher, also said he thinks the conference is merely a "front" to "serve Israel's interests".
    Rabada appeals against two-match ban

    Rabada appeals against two-match ban

    Philander's comments are more fuel for the fire of a spiteful series, with tempers flaring on and off the field regularly. Haddin continued, "It's disappointing for Rabada , but he'll have an interesting couple of Test matches".
    OPEC Admits United States Shale May Crash Oil Price

    OPEC Admits United States Shale May Crash Oil Price

    On a monthly basis, the producer price index that measures wholesale inflation was up 0.2% following January's 0.4% increase. But this is what's so interesting - Increased production by USA petroleum companies didn't happen overnight.
  • Spike Lee Might Helm Marvel Adaptation 'Nightwatch'

    Spike Lee Might Helm Marvel Adaptation 'Nightwatch'

    The Tom Hardy-headlined Venom will be the first out of the gate this fall, and already has a teaser trailer to prove it. The source close to That Hashtag Show didn't divulge to the outlet any plot details about the Nightwatch movie.
    Attack on Afghan checkpoint kills 10 security forces

    Attack on Afghan checkpoint kills 10 security forces

    The Taliban also says that North Atlantic Treaty Organisation forces must withdraw before negotiations can begin. He said another three police officers were wounded in the attack in the southern province's Nad Ali district.
    European Union  extends Russian Federation  sanctions over Ukraine crisis

    European Union extends Russian Federation sanctions over Ukraine crisis

    The EU also has individual sanctions in force against Russian Federation over its 2014 annexation of Crimea from Ukraine. The UN General Assembly voted to proclaim the Russian annexation illegal.


Most liked

State of Decay 2's Collectors Edition is Missing One Important Thing
But even so, you'll still have to buy the game separately from the Collector's Edition , which does slightly boggle the mind. Xbox fans will be happy to know that State of Decay 2 will run at 4K Resolution on Xbox One X , and will also support HDR.

No charges for Sky man Jamie Carragher over spitting
The ex-England and Liverpool defender was filmed spitting through the window of his Range Rover at a 14-year-old girl and her dad. Many Liverpool fans and others inside football, including fellow Sky pundit Gary Neville, have come out to defend Carragher.

Dion Lewis agrees to 4-year deal with Titans per sources
Butler later denied any off-field misconduct, saying he never missed a curfew or would do anything to hurt the Patriots' chances. This departure is not unexpected after Butler's Super Bowl LII benching and decreased productivity with the team.

Theranos founder Elizabeth Holmes charged with £700m fraud
The US Attorney's office told us that it would not deny or confirm an investigation into Theranos as a matter of policy. Why were Theranos, Holmes and Balwani charged? In 2015, the company also faced a lawsuit over similar accusations .

Telugu voters defeated BJP in Gorakhpur?
The SP has been the runner-up for Gorakhpur seat many times before, while it has won the Phulpur seat four times since 1996. It is safe to say that in India, with the amount of elections we see in a year, there are several which go unnoticed.

The Miami Dolphins officially release Ndamukong Suh
The New Orleans Saints are looking for a defensive tackle, looking for some more front seven help. Nonetheless, Suh will command both a lot of interest and a lot of money on the free agent market.

NCAA Play-in: Texas Southern Tigers vs. North Carolina Central Eagles
Central, another historically black school that was making its second straight appearance in Dayton for a play-in game. Outlook: Texas Southern is a surprisingly fun No. 16 seed to watch because of its unique star power and uptempo style.

WhatsApp Won't Share Personal Information With Facebook In EU
Data protection law does not prevent a company from sharing personal data - they just have to follow the legal requirements. The UK's Information Commissioner's Office (ICO) has now ruled that user data can not be shared between the services.

Mega Drive Classics are heading to PC, PS4, and Xbox One
The collection is going to be launching on May 29th, but we don't know much beyond that. SEGA has announced that SEGA Mega Drive Classics will be landing on Steam for the PC.

Preview For Tonight's Episode Of WWE SmackDown Live
I know that everyone is hoping that Rusev would get a chance to get into the United States of America title picture. With the WrestleMania 34 fast approaching, new storylines are unfolding, resulting in a power-packed match card.

The Brokerages Set Cisco Systems, Inc. (CSCO) Price Target at $44.38
In other news, SVP Rebecca Jacoby sold 75,021 shares of the firm's stock in a transaction that occurred on Tuesday, December 19th. Finally, Parametric Portfolio Associates LLC increased its stake in shares of Cisco Systems by 36.1% in the second quarter.

More details released on murder of Pikeville officer
KSP said Hamilton and Trooper Matt Martin were patrolling the area when they saw a suspicious vehicle. The body was transported back to the community in what turned out to be an emotional processional.

Klay Thompson Thumb Injury Reportedly Diagnosed as Fracture; May Be out Weeks
That opens up the possibility that one or both of the players will return when the Warriors play the Atlanta Hawks on March 23. The Warriors said Curry will be re-evaluated prior to their game with the Spurs on Monday (Tuesday, PHL time).

First Four TruTV NCAA Tournament Game 2018
The Sun Devils got a couple of signature wins — November 24 over then No. 15 Xavier and December 10 over then No. 2 Kansas. As of early Wednesday morning, the Orange are getting 61 percent of the wagers on this game against the Sun Devils.

Valve adds subscription model to Dota 2
The new pass will add experience progression for each individual hero, earned by playing games and completing specific challenges. Leveling up a hero grants Shards, a special Dota Plus currency used to purchase cosmetics as well as special voice lines.