The Red Sea Block 4 has an estimated area of 3084 kilometre square and is owned by the South Valley Egyptian Petroleum Holding Company (Ganope). This new exploration block will support our strategy of finding and, if successful, developing hydrocarbons for Egypt’s expanding market and delivering organic growth opportunities to add to our existing business in the country, Bakheet Al Katheeri, Mubadala Petroleum’s chief executive, said.
The agreement builds on Mubadala Petroleum s Egypt portfolio that includes a 10 per cent stake in the Shorouk concession, containing the Zohr gas field, and a 20 per cent stake in the Nour exploration concession. Both are located in the Mediterranean Sea offshore Egypt.