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Monday, 10 December 2018

BP and Mubadala Petroleum buy stakes in Egypt’s Nour concession

INVESTMENT WATCH- BP buys 25% stake in Eni’s Nour concession: BP has acquired a 25% stake in the Nour concession from Eni, according to a statement from Eni. Industry watchers hope the offshore North Sinai concession could be a Zohr-scale discovery. The “transaction is part of a wider business alignment with BP internationally and further strengthens the relationship with Mubadala Petroleum in Egypt,” the Sunday statement read. BP holds a 10% stake in the Zohr supergiant field.

UAE’s Mubadala receives sign-off on 20% ownership stake in Nour: Eni also announced that the sale of a 20% stake in the Nour concession to the Abu Dhabi-based Mubadala, which was signed in November, has gotten sign-off from the government.

Who owns what at Nour? Eni (40%), BP (25%), Mubadala Petroleum (20%) and Tharwa Petroleum (15% stake as a contractor’s share).

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