Mubadala announced that Tariq Al-Mulla, Egyptian Minister of Petroleum and Mineral Resources, had signed the concession agreement with Mubadala Petroleum for oil and gas exploration activities in the Red Sea Block 4 (Block 4), with an area estimated at 3084 km2, owned by the South Valley Egyptian Petroleum Holding Company (Ganope).
The block was awarded by the Government of Egypt in the 2019 Red Sea Licensing Round. Following the signing, Mubadala Petroleum will hold 27 percent participating interest in Block 4, which is operated by Shell with a 63 percent participating interest and Tharwa, with a 10 percent participating interest.
“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.”Bakheet Al Katheeri – CEO, Mubadala Petroleum
Moreover, in Egypt, in addition to this project, Mubadala Petroleum holds interests of 10% and 20% respectively in the Shorouk and Nour concessions.
“Block 4 is located in the Northern Red Sea in an area adjacent to the prolific Gulf of Suez basin. The concession has the potential to unlock substantial new prospects. The work commitment for the block is to conduct subsurface studies and to acquire 3D seismic during the initial three-year term,” Mubadala said.
In addition to Red Sea Block 4, Mubadala Petroleum has a 10% stake in the “Shorouk” concession, containing the producing “Zohr” gas field, and a 20% stake in the “Nour” exploration concession, both located in the Mediterranean Sea offshore Egypt.
“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,” Bakheet Al Katheeri, Mubadala Petroleum’s Chief Executive Officer, commented.
“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.”
Mubadala Petroleum is a leading international, upstream oil and gas exploration and production company. They manage assets and operations spanning ten (10) countries globally, with a primary geographic focus on the Middle East and North Africa, Russia and Southeast Asia.
Established in 2012, They are a wholly owned subsidiary of Mubadala Investment Company (Mubadala), which is owned by the Government of Abu Dhabi. By incorporating and building on the success of their shareholder’s foundational investments in the oil and gas sector, Mubadala Petroleum is, today, a key strategic pillar of the Petroleum & Petrochemicals portfolio of Mubadala.