News listings

energy-pedia licensing

Egypt flagEgypt

Middle East / Africa >>> Egypt

Egypt: Mubadala Petroleum signs Concession Agreement for Red Sea Block 4


21 Jan 2021

Photo - see caption

Eng. Tariq Al-Mulla, Egyptian Minister of Petroleum and Mineral Resources, has signed the concession agreement with Mubadala Petroleum for oil and gas exploration activities in the Red Sea 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.

Photo - see caption

Block 4 is located in the Northern Red Sea in an area adjacent to the prolific Gulf of Suez basin. The concessionhas the potential to unlock substantialnew prospects. The work commitment for the block is to conduct subsurface studies and to acquire 3D seismic during the initial three-year term.

Dr. Bakheet Al Katheeri, Mubadala Petroleum’s Chief Executive Officer, commented:

'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 toour existing business in the country.'

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.

Original article link

Source: Mubadala Petroleum





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 370

Completed Deals

Completed Upstream Deals: 6030

Company Profiles

Current Company Profiles: 2762

Corporate Activity

Current Corporate Activity articles: 3632

Companies Looking

Current number of articles: 446

Company Sales

Current Company Sales articles:1457

Geostudies

Current Geostudies articles: 780

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Rose & Assocs 149
KL Publishing
SLR Consulting logo
Government of South Australia
Union Jack Oil 149
Blue Asterisk
energy365
OPC
Bayphase
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com