UAE’s Mubadala Petroleum acquires stake in Red Sea Block 4 for oil and gas exploration

EGYPT – Mubadala Petroleum, an Abu Dhabi-based oil and gas company, has acquired a stake in an offshore block in Egypt. Mubadala announced that Tariq Al-Mulla, Egyptian Minister of Petroleum and Mineral Resources, had signed the concession agreement with Mubadala Petroleum for oil and gas exploration activities in the Red Sea Block 4 (Block 4), with an area estimated at 3084 km2, owned by the South Valley Egyptian Petroleum Holding Company (Ganope). The block was awarded by the Government of Egypt in the 2019 Red Sea Licensing Round. Following the…

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