Mubadala Petroleum takes another license off Egypt

Italian oil company Eni has sold to Mubadala Petroleum of UAE a 20% stake in the Nour North Sinai offshore concession in Egypt. Eni holds an 85% stake in partnership with Tharwa Petroleum Company. The Nour block is in the East Nile Delta Basin of the Mediterranean Sea, approximately 50 km offshore in the Eastern Mediterranean. Water depth ranges from 50 to 400 meters and covers a total area of 739 km2.