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Thursday, 26 April 2018

UAE’s Mubadala prepares for Egypt oil & gas debut

UAE’s Mubadala looking to acquire 10% Zohr stake next month as it prepares to enter Egyptian market: The Abu Dhabi-based Mubadala Petroleum is expected to sign next month the final contracts for its acquisition of a 10% stake in the Zohr gas field from Italy’s Eni, Oil Minister Tarek El Molla said yesterday, Al Shorouk reports. The USD 934 mn agreement, into which Eni entered last month, is still pending regulatory sign off. El Molla said that the procedural review was nearing the end, which means that Mubadala would soon join Rosneft, which bought a 30% stake in Zohr, and BP, which bought a 10% stake from Eni.

Mubadala is preparing a strong Egypt debut this year, CEO Bakheet Al Katheeri reportedly said following a meeting with El Molla. The company plans to enter exploration tenders and invest in oilfield development, according to El Molla. The minister had said last week that the government would issue tenders for 10-11 oil and gas exploration blocks, as well as other drilling tenders in the Red Sea, by the end of 2018. The Oil Ministry is also targeting USD 10 bn in FDI in the sector in FY2018-19, El Molla had also said. A number of IOCs, including Shell and Edison, had announced intentions to expand their Egyptian investments in light of recent discoveries in the East Mediterranean.

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