UAE-based Mubadala Petroleum has entered into a concession agreement with the Egyptian government for oil and gas exploration in Block 4 in the Red Sea offshore Egypt.
As part of the deal, Mubadala Petroleum will acquire a 27% interest in Block 4. Shell is the operater of the block with a 63% interest while Egyptian state-owned company Tharwa holds the remaining 10% stake.
“The addition of Red Sea Block 4, marks a further extension of our Egypt portfolio with a new high impact growth opportunity alongside a world-class partner in Shell. This new exploration block will support our strategy of finding and, if successful, developing hydrocarbons for Egypt’s expanding market and delivering organic growth opportunities to add to our existing business in the country,” said Mubadala Petroleum CEO, Bakheet Al Katheeri.