Mubadala Petroleum acquires 10% stake in Egypt's Shorouk concession

Abu Dhabi’s Mubadala Petroleum has acquired a 10 percent participating interest in the offshore Shorouk concession in Egypt, which includes Zohr gas field, from Italy’s Eni, it said in a statement on Wednesday.

Eni, through its subsidiary IEOC, holds a 50 percent interest in the concession. The other partners in the concession are BP with 10 percent interest and Rosneft with 30 percent interest.

The  Zohr field was discovered by Eni in August 2015 and is the largest natural gas field ever found in the Mediterranean, with a total potential of up to 30 trillion cubic feet of gas in place.

It is currently producing over 1.1 billion cubic feet of gas per day (bcfd), equivalent to approximately 200,000 barrels of oil equivalent per day. Production is expected to increase to two bcfd by end of 2018 and to reach a production plateau of 2.7 bcfd by end-2019.