Egypt has approved the sale of a 25% stake in Eni’s offshore exploratory Noor concession to BP, Eni announced in a press release.
The agreement, signed by Minister of Petroleum Tarek El Molla, also approved the entry of Emirati investment company Mubadala to the concession, which reached an agreement with Eni in November to purchase a 20% stake.
The sale leaves Eni holding a 40% stake in the concession, while its Egyptian partner company Tharwa Petroleum holds the remaining 15%.
Eni and Tharwa have invested $105 million to drill two exploratory wells. The first well is currently being drilled 50-km away from the shore at a depth ranging between 50 and 400 meters, and covers a total 735 km2 area.
El Molla said following the signing that the strong interest shown by international oil companies demonstrates a strong investment climate in Egypt’s oil and gas industry.