Mubadala picks up 10% stake in Egypt's Zohr from Eni
UAE's Mubadala Petroleum is buying a 10% stake in Zohr from Eni for US$934 million. At the same time, Eni will take a 5% interest in the Lower Zakum oil field and 10% in the Umm Shaif and Nasr fields offshore Abu Dhabi for US$875 million. Zohr has undergone a fast-track development since its discovery in August 2015, with first gas produced in December 2017. The field is expected to hold 30tcf of lean gas-in-place and at plateau could produce around one-third of Egypt's domestic gas production. The deal gives Mubadala access to a world class asset and Eni long-term, low cost oil production in a part of the world it has historically been light in.