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Italian exploration firm Eni has reached an agreement to divest a 20% interest in the Nour North Sinai Offshore concession in the East Nile Delta Basin, Egypt, to Mubadala Petroleum.

Eni is an operator of the concession and owns an 85% interest in partnership with Tharwa Petroleum Company, which holds a 15% stake.

The 739km² Nour North Sinai concession is located 50km offshore in the Eastern Mediterranean Sea at water depths ranging from 50m to 400m.

Eni and Tharwa are currently undertaking the drilling of the exploration well.

“This investment enables Mubadala Petroleum to further expand our position in Egypt.”

Eni CEO Claudio Descalzi said: “This transaction strengthens our partnership after the successful relationship in Zohr and confirms Mubadala Petroleum’s trust in Eni’s robustness as operator, both in projects development and exploration activities.”

Eni and Mubadala are already partners in the Shorouk concession, which contains the Zohr gas field.

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By GlobalData

In June, Eni completed the sale of a 10% stake in the Shorouk concession to Mubadala.

Mubadala Petroleum board chairman Musabbeh Al Kaabi said: “This investment enables Mubadala Petroleum to further expand our position in Egypt while deepening our strategic partnership with Eni, the operator of both the Shorouk and Nour concessions.”

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

Eni operates in the country through its subsidiary IEOC and has an equity production of 340,000 barrels of oil equivalent a day.

Mubadala Petroleum is a subsidiary of UAE state-owned entity Mubadala Investment Company.