Eni (NYSE: E) has finalized a 10% stake sale in the Shorouk concession to Mubadala Petroleum, a wholly-owned subsidiary of Mubadala Investment Co., on June 20 .
The Shorouk concession is offshore Egypt, where the supergiant Zohr gas field is located. Eni, through its subsidiary IEOC, now holds a 50% stake of the contractor’s share, while Rosneft holds 30%, BP (NYSE: BP) 10% and Mubadala Petroleum 10%.
Following a record start-up less than two and a half years from discovery, the project is now in its ramp-up phase with the aim of reaching 2 billion cubic feet per day of gas (Bcf/d) of total installed treatment capacity by the end of the year, and a production plateau of 2.7 Bcf/d by the end of 2019.
“This world-class asset will provide Mubadala Petroleum with increasing future production, and substantial reserves, all of which support our drive for long-term and profitable growth,” Dr. Bakheet Al Katheeri, Mubadala Petroleum’s CEO, said.
Zohr’s current production is over 1.1 Bcf/d, corresponding to 200,000 barrels of oil equivalent per day. The project is executed by Petrobel, the operating company jointly owned by Eni and the state company Egyptian General Petroleum Corp., on behalf of Petroshorouk, jointly owned by the contractor (Eni and its partners) and by the state company Egyptian Natural Gas holding Co.
“Working alongside significant partners such as Mubadala Petroleum, BP and Rosneft is a further boost for the development of Zohr and underlines the quality of the asset, which will play a fundamental role in supporting Egypt's goal of achieving energy independence,” Claudio Descalzi, Eni’s CEO, said.
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