UAE’s Mubadala Energy acquires 15% stake in Egypt’s Nargis offshore field

Abu Dhabi-based Mubadala Energy has taken a 15 percent stake in Egypt’s Nargis Offshore Area concession, marking its latest expansion in the Eastern Mediterranean. The interest was acquired from Italian energy company Eni as part of Egypt’s broader efforts to attract foreign investment and boost domestic gas production.

Egypt gas portfolio expands with Mubadala

The Nargis concession lies about 50 kilometers off Egypt’s northern coast in the East Nile Delta Basin and includes the Nargis-1 gas discovery, made in early 2023. Chevron operates the concession with a 45 percent majority stake. Following the deal, Eni retains 30 percent through a subsidiary, and Tharwa Petroleum Company holds the remaining 10 percent. The financial terms of the transaction were not disclosed.

“This acquisition of a 15 percent interest in the Nargis Concession strengthens our long-term commitment to Egypt,” Mubadala Energy CEO Mansoor Mohammed Al Hamed said. “It expands our portfolio with a high-impact growth opportunity alongside world-class partners in the strategically important East Mediterranean region.”

Mubadala boosts stakes in Egypt gas

Mubadala Energy already holds a 20 percent interest in the neighboring Nour concession, also operated by Eni, and a 10 percent stake in the Shorouk concession, home to the Zohr gasfield—the largest in the Eastern Mediterranean. These positions reflect the company’s strategy to secure stakes in both established and emerging gas assets across Egypt.

Eni is also pursuing exploration and development projects in the region to accelerate gas supply to Europe through Egypt’s liquefied natural gas infrastructure. Guido Brusco, Eni’s chief operating officer of global natural resources, noted the company continues to maximize output from mature fields, including in the Western Desert, while exploring additional potential within Zohr, estimated to contain 30 trillion cubic feet of gas.

Egypt targets gas supply amid shortages

Egypt has recently signed preliminary agreements with Lebanon, Syria, Jordan, and Cyprus to supply gas and a $35 billion deal with Israel to import gas from Leviathan, addressing domestic shortages. The Nargis concession operates under a partnership with the Egyptian Natural Gas Holding Company (EGAS), which holds a 50 percent stake alongside the contractor group.