Mubadala Petroleum, a unit of Abu Dhabi strategic firm Mubadala Investment Company, has completed the acquisition of a 20 per cent stake in an offshore Egyptian concession area from Italy's Eni.
Eni, the main operator on the Egyptian Natural Gas Holding Company concession, will now hold a 40 per cent stake through its subsidiary, IEOC. BP holds a 25 per cent interest in the block, while Egyptian state-backed Tharwa Petroleum Company a 15 per cent stake.
The Abu Dhabi firm first entered North Africa’s biggest economy in June, when it acquired from Eni a 10 per cent participating interest in the Shorouk concession, which contains the large producing Zohr gas field, one of the biggest discoveries in the Eastern Mediterranean basin.
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"This acquisition of a 20 percent interest in the Nour concession is another step in Mubadala Petroleum’s growth strategy, marking our second investment in Egypt this year," Mubadala Petroleum chief executive Bakheet Al Katheeri said at the signing. "At the same time, we further strengthen our partnership with Eni, the operator of both the Nour and the Shorouk concessions,"
The Nour exploration block is located approximately 50 kilometres offshore in the Eastern Mediterranean, in water ranging from 50 to 400 metres in depth, covering a total area of 739km.
Eni and Tharwa are carrying out drilling of the exploration and overseeing the first exploration period of the Nour concession.
Mubadala Petroleum manages assets and operations spanning 10 countries with a geographic focus on the Middle East, Russia and South East Asia. The Abu Dhabi company's current average production is around 360,000 barrels per day of oil equivalent.
ESSENTIALS
The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Brief scores
Toss India, chose to bat
India 281-7 in 50 ov (Pandya 83, Dhoni 79; Coulter-Nile 3-44)
Australia 137-9 in 21 ov (Maxwell 39, Warner 25; Chahal 3-30)
India won by 26 runs on Duckworth-Lewis Method
MATCH INFO
Uefa Nations League
League A, Group 4
Spain v England, 10.45pm (UAE)
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
The chef's advice
Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.
“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”
Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.
The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
