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January 21, 2021

Mubadala signs deal with Egypt for Red Sea tract

Mubadala Petroleum has signed the concession agreement with the Egyptian Government for oil and gas exploration in Block 4 in the Red Sea offshore Egypt.

By Umesh Ellichipuram

Mubadala Petroleum has signed the concession agreement with the Egyptian Government for oil and gas exploration in Block 4 in the Red Sea offshore Egypt.

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Covering an estimated area of 3,084km², the block was awarded by the Government of Egypt in the 2019 Red Sea Licensing Round. It is owned by South Valley Egyptian Petroleum Holding Company (Ganope).

The deal gives Mubadala Petroleum a 27% interest in Block 4, which is located in the Northern Red Sea in an area adjacent to the prolific Gulf of Suez Basin.

Shell operates the block with a 63% interest while Egyptian state-owned exploration and production company Tharwa holds the remaining 10% stake.

Mubadala expects the concession to have the potential to unlock substantial new prospects.

The UAE-based firm said that will undertake subsurface studies and acquire 3D seismic during the initial three-year term for the block.

Mubadala Petroleum CEO Dr Bakheet Al Katheeri said: “The addition of Red Sea Block 4, marks a further extension of our Egypt portfolio with a new high impact growth opportunity alongside a world-class partner in Shell.

“This new exploration block will support our strategy of finding and, if successful, developing hydrocarbons for Egypt’s expanding market and delivering organic growth opportunities to add to our existing business in the country.”

Mubadala Petroleum currently owns 10% stake in the ‘Shorouk’ concession, which contains the producing ‘Zohr’ gas field, as well as and a 20% interest in the ‘Nour’ exploration concession. The two concessions are located in the Mediterranean Sea offshore Egypt.

In May 2020, Mubadala Petroleum and its partner Tap Oil said they would proceed further with the drilling of three development wells, namely MNA -25, MNA -26 and MNA-27, in the Manora oil field in the Gulf of Thailand.

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Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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