Mubadala Energy Acquires 15% Stake in Egypt’s Narges Offshore Concession from Eni

Mubadala Energy has completed the acquisition of a 15% stake in the Narges offshore concession in Egypt from Eni, according to a company statement. 

The concession is operated by Chevron, which holds a 45% share, while Eni retains a 30% interest through its subsidiary IEOC. Egypt’s Egyptian Natural Gas Holding Company (EGAS) partners in the venture with Mubadala, holding an equal 50% of the concession alongside the consortium.

The Narges concession lies in the Eastern Nile Delta Basin of the Mediterranean, about 50 kilometers offshore. Exploration activities at the Narges-1 field began in early 2023. The area borders Mubadala’s Nour concession, where the UAE firm acquired a 20% stake in 2018.

In addition, Mubadala holds a 10% stake in the Shorouk offshore concession, which includes the giant Zohr gas field, currently the largest gas field in the Mediterranean, accounting for roughly 30% of Egypt’s current production of about 4.2 billion cubic feet per day (Bcf/d), compared to local demand of 6.2 Bcf/d.

The Egyptian government has introduced incentives to encourage foreign energy companies to boost gas production. Measures include allowing partners to export a portion of new production to settle dues and increasing their share of output from newly developed fields.

Cairo aims to raise natural gas production to 6.6 Bcf/d by 2030, a 58% increase from current levels, and plans to drill 14 new exploratory wells in the Mediterranean in 2026 to evaluate reserves estimated at 12 trillion cubic feet.