Eni Company

Mubadala Energy Acquires 15% Stake from Eni in Egypt’s Nargis Concession

Mubadala Energy, the Abu Dhabi-based global energy company, announced the completion of its acquisition of a 15% participating interest from Eni in the Nargis offshore concession, an offshore exploration block located offshore Egypt.

In this concession, Eni currently holds a 30% stake through its subsidiary IEOC, while Chevron operates the concession and holds a 45% stake, and Tharwa Petroleum holds a 10% stake. The concession is a partnership with the Egyptian Natural Gas Holding Company (EGAS), with the Contractor Group holding a 50% stake and EGAS holding the remaining 50%. 

The Narges concession is located in the resource-rich Eastern Nile Delta Basin in the Mediterranean Sea, approximately 50 kilometers offshore. The concession includes exploration activities at the Narges-1 field, which commenced in early 2023.

Mansoor Mohamed Al Hamed, Managing Director and CEO of Mubadala Energy, stated that acquiring a 15% stake in the Narges concession underscores Mubadala’s long-term commitment to Egypt and strengthens its investment portfolio with a high-impact growth opportunity, alongside collaboration with global partners in the strategically important Eastern Mediterranean region.

This concession is adjacent to the Noor offshore concession, in which Mubadala Energy acquired a 20% stake in 2018. In addition to the Narges and Noor concessions, Mubadala Energy holds a 10% stake in the Shorouk offshore concession, which includes the Zohr gas field. Both the Noor and Shorouk concessions are located in the Mediterranean Sea off the coast of Egypt and are operated by Eni.

In October 2025, Egyptian Prime Minister Mostafa Madbouly announced that the Italian company Eni had decided to invest $8 billion in the Egyptian market over the next five years as part of plans to strengthen cooperation between Egypt and international energy companies.

During a press conference, Madbouly explained that this move reflects the confidence of major international companies in the Egyptian economy and the investment opportunities it offers, particularly in the petroleum and energy sector.