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.
Recommended Reading
CAPP Forecasts $40.6B in Canadian Upstream Capex in 2024
2024-02-27 - The number is slightly over the estimated 2023 capex spend; CAPP cites uncertain emissions policy as a factor in investment decisions.
1 Fatality in Equinor Helicopter Training Accident Offshore Norway
2024-02-29 - Equinor employee died following the helicopter accident, the cause of which has not been reported.
Equinor Resumes Helicopter Flights on NCS Following Fatal Accident
2024-03-01 - Operator also announced it is expanding its helicopter fleet by 15 through contracts with Bell and Leonardo, with the first two helicopters slated for delivery in about a year.
Coalition Launches Decarbonization Program in Major US Cities, Counties
2024-04-11 - A national coalition will start decarbonization efforts in nine U.S. cities and counties following a federal award of $20 billion “green bank” grants.
Fire Closes Atlas Energy’s Kermit, Texas Mining Facility
2024-04-15 - Atlas Energy Solutions said no injuries were reported and the closing of the mine would not affect services to the company’s Permian Basin customers.