Mubadala Energy acquires 15% stake in Egypt’s Nargis offshore block from Eni
Updated 2/19/2026 12:12:00 PMArab Finance: Abu Dhabi-based Mubadala Energy has completed the acquisition of a 15% participating interest in the Nargis concession, an offshore exploration block in Egypt, from Eni, according to a press release.
In this regard, Eni currently holds a 30% shareholding through its subsidiary IEOC, and Tharwa Petroleum Company owns 10, while Chevron has a 45% contractor interest.
The concession operates under a 50:50 partnership with the Egyptian Natural Gas Holding Company (EGAS).
Mansoor Mohammed Al Hamed, Managing Director and CEO of Mubadala Energy, commented: “This acquisition of a 15% interest in the Nargis Concession further reinforces our long-term commitment to Egypt, expanding our portfolio with a high-impact growth opportunity alongside world-class partners in the strategically important East Med region.”
Located about 50 kilometers offshore in the East Nile Delta Basin of the Mediterranean Sea, the Nargis concession is adjacent to the Eni-operated Nour concession, which Mubadala Energy entered in 2018 with a 20% equity ownership.
Besides Nargis and Nour, Mubadala Energy has a 10% stake in the Shorouk concession, containing the producing Zohr gas field, also located in the Mediterranean Sea offshore Egypt and operated by Eni.
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