UAE investment fund Mubadala has reached an agreement with Eni to buy a 20% stake in the Noor offshore concession, Reuters reported.

Eni currently owns 85% of the concession’s stakes, while Tharwa Petroleum owns the remaining 15%.

The agreement is still pending Egyptian government’s approvals and is subject to certain conditions.

The Egyptian cabinet had approved in March 2018 an exploration and production (E&P) agreement for the North of Sinai offshore concessions in the Mediterranean Sea.

According to the agreement, Eni and Tharwa will invest $105 million to drill two exploratory wells in two phases over six years.

Eni had previously sold a 10% stake in Egypt’s Shorouk offshore concession to Mubadala Petroleum for more than $1 billion, Egypt Oil & Gas reported in June.

The Emirati company had agreed to pay Eni $934 million for the stake in addition to a $94 million signing bonus.