Mubadala Petroleum completes acquisition of 10% of Shorouk franchise in Egypt

MEDIA IN – Abu Dhabi 20 June 2018 WAM
Mubadala’s Mubadala Mubadala Development Company (Mubadala) completed the acquisition of 10 per cent of Eni’s stake in Egypt’s offshore Shorouk gas concession, which includes the Dhahr natural gas field.
Dr. Bakheet Al-Kathiri, CEO of Mubadala Petroleum, said: “The 10% stake in the Shorouq offshore field through the Dhahr natural gas field is an excellent investment added to Mubadala Petroleum’s portfolio. This will be the first of our investments in the Egyptian market. It possesses world-class capacity to increase future production and huge reserves.
It is noteworthy that the field “back” was discovered by the Italian energy company “Eni” in August 2015 and is the largest natural gas field to be discovered in the Mediterranean, with gas reserves estimated at 30 trillion cubic feet .. The field is located about 190 km to the north of Port Said city in an area with a water depth of about 1500 meters.
Production began in the first phase of the field of “noon” in December 2017 ..
The current production is more than 1.1 billion cubic feet of gas per day equivalent to about 200 thousand barrels of oil equivalent. The production is expected to rise to two billion cubic feet of gas per day by the end of 2018 and continue to rise to 2.7 billion cubic feet per day By the end of 2019.