Photo Credit: WAM
Dubai, UAE — February 2026 — Mubadala Energy, the Abu Dhabi-based international energy company, has successfully completed the acquisition of a 15 percent participating interest in the Nargis Offshore Area concession from Eni, further expanding its footprint in Egypt’s vital East Mediterranean energy sector.
According to the Emirates News Agency, the transaction reshapes the stakeholder landscape of the offshore exploration block, with Eni retaining a 30 percent contractor interest through its subsidiary, IEOC.
Chevron continues as the operator of the concession with a 45 percent stake, while Tharwa Petroleum Company holds the remaining 10 percent interest.
The concession operates under a partnership with the Egyptian Natural Gas Holding Company (EGAS), where the contractor group collectively holds a 50 percent stake, matching EGAS’s 50 percent interest.
Managing Director and CEO of Mubadala Energy, Mansoor Mohammed Al Hamed, emphasized the strategic importance of the move, stating: “This acquisition of a 15 percent interest in the Nargis Concession further reinforces our long‑term commitment to Egypt, expanding our portfolio with a high‑impact growth opportunity alongside world‑class partners in the strategically important East Med region.”
Situated in the prolific East Nile Delta Basin of the Mediterranean Sea, approximately 50 kilometers offshore, the Nargis concession is home to the Nargis‑1 discovery, which was made in early 2023. Its strategic location adjacent to the Eni-operated Nour concession adds further value; Mubadala Energy first entered the Nour block in 2018 with a 20 percent stake.
This latest acquisition complements Mubadala Energy’s existing portfolio in Egyptian waters, which already includes a 10 percent stake in the Shorouk concession. That concession contains the super-giant Zohr gas field, one of the largest natural gas discoveries in the Mediterranean, also operated by Eni.
