Italian exploration and production company Eni has reached an agreement to offload a 10% stake in the Shorouk concession, located off the coast of Egypt, to Mubadala Investment Company’s wholly owned subsidiary Mubadala Petroleum, in a deal valued at $934m.

The concession, in which Eni holds a 60% stake, contains Zohr’s gas field.

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Other partners in the concession include Rosneft (30%) and BP (10%).

Having achieved first production in December last year, the Zohr gas field currently has daily production of 400 million scf per day.

Eni CEO Claudio Descalzi said: “We are pleased to be working with Mubadala and welcome them into the partnership for the Shorouk concession. This represents a further signal about the strength and quality of this world class asset developed by Eni.”

The field was discovered by Eni in August 2015 and following the discovery, the company sold a portion of the stake in the field to Rosneft and BP.

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“This is an important and attractive investment for Mubadala, adding a world-class asset to our portfolio with long-term cash flows.”

Mubadala Petroleum chairman Musabbeh Al Kaabi said: “This is an important and attractive investment for Mubadala, adding a world-class asset to our portfolio with long-term cash flows.”

The closure of the deal is conditional upon certain conditions, including the receipt of all necessary approvals from Egypt’s authorities.

In a separate transaction, Eni has signed agreements to acquire interest in Adnoc’s concessions located offshore Abu Dhabi.

The $875m deal is valid for a period of 40 years and will see Eni acquire a 5% stake in the Lower Zakum offshore oil field and a 10% stake in the oil, condensate and gas offshore fields of Umm Shaif and Nasr.

Eni conducts operations in Egypt through its subsidiary IEOC Production and has an equity production of around 230,000 barrels of oil equivalent per day in the country.