Middle EastOffshore

Mubadala Petroleum acquires stake in Egyptian offshore block

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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