Mubadala Petroleum company is expected to sign the final contracts to acquire a 10% stake in Egypt’s Zohr natural gas field in May 2018, Egypt Oil & Gas reports.
The contracts were discussed during a meeting between Egyptian Minister of Petroleum Tarek El Molla, Mubadala CEO Bakhit Al Katheri, and Mubadala Executive Manager of the Refining and Petrochemicals Department Khalifa Abdallah Al Romeithi.
The officials also discussed several areas of future cooperation in the light of Mubadala’s interest to invest in the Egyptian oil and gas activities.
Mubadala previously bought a 10% in the Shorouk Concession from Italian oil company Eni in March 2018, Reuters previously reported.
There are many fields currently available for Mubadala to enter for the mutual benefit of both sides, El Molla said after the meeting, adding that Mubadala officials had expressed their interest in investing in the Red Sea region. Seismic surveys for this region have been completed and are now being evaluatd and reviewed in preparation for auction.
The minister invited the company to make further investments and participate in the development of Egyptian crude oil fields in order to increase their productivity.