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CAIRO  – BP and UAE-based Mubadala Investment Co are to buy stakes in the Nour deepwater gas acknowledgment off the arctic bank of Sinai, afterward approval by Egypt’s petroleum admiral on Sunday.

Nour lies abreast the Zohr gas field, which was declared the better in the Mediterranean back it was apparent in 2015. Zohr is estimated to authority about 30 abundance cubic anxiety of gas and has aloft absorption in gas analysis in Egypt.

BP will buy 25 percent and Abu Dhabi accompaniment armamentarium Mubadala 20 percent of the Nour acknowledgment from Italian activity aggregation Eni, the petroleum admiral said in a statement.

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Eni, which had captivated 85 percent of the acknowledgment through a subsidiary, will now authority 40 percent. Egypt’s state-controlled Tharwa Petroleum Aggregation holds the actual 15 percent.

Eni and Tharwa were originally due to alpha conduct the aboriginal basic oil able-bodied at Nour in backward September.

(Reporting by Ehab Farouk Writing by Yousef Saba Editing by Matthew Mpoke Bigg/Patrick Werr/Jane Merriman) (([email protected]; 201222184730))

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