Mubadala energy secures 15% stake in Egypt’s Nargis block

CAIRO — 19 February 2026: UAE-based Mubadala Energy has finalized the acquisition of a 15 percent interest from Italy’s Eni in the offshore Nargis Concession, an exploration block situated off Egypt’s Mediterranean coast.

Under the current structure of the concession, Eni retains a 30 percent share of the contractor stake through its subsidiary IEOC, while Chevron serves as the operator with a 45 percent contractor stake. Tharwa Petroleum Company holds a 10 percent share. The concession is developed in partnership with the Egyptian Natural Gas Holding Company (EGAS), with ownership split equally, 50 percent for the contractor group and 50 percent for EGAS.

Mansoor Mohamed Al Hamed, Managing Director and CEO of Mubadala Energy, stated that the acquisition of a 15 percent stake in the Nargis Concession reflects the company’s long-term commitment to the Arab Republic of Egypt. He noted that the move strengthens Mubadala Energy’s investment portfolio by adding a high-impact growth opportunity and deepening collaboration with international partners in the strategically significant Eastern Mediterranean.

The Nargis Concession lies within the resource-rich East Nile Delta Basin in the Mediterranean Sea, around 50 kilometers offshore. Exploration operations at the Nargis-1 well were conducted in early 2023.

The block is located near the offshore Noor Concession, where Mubadala Energy secured a 20 percent stake in 2018. Beyond its interests in Nargis and Noor, the company also holds a 10 percent share in the offshore Shorouk Concession, home to the producing Zohr gas field.

Both the Noor and Shorouk concessions are operated by Eni and are located in the Mediterranean waters off Egypt’s coast.