Fresh capital for Nargis as Mubadala deepens Egypt play

UAE’s Mubadala acquires 15% stake in Eni’s Nargis offshore concession

UAE’s Mubadala Energy completed its acquisition of a 15% participating interest in the Nargis Offshore Concession from Eni — a 1.8k sq km block located roughly 50 km offshore in the East Nile Delta Basin, the company said in a statement on Thursday. Following the transaction, Chevron remains the operator — alongside the Egyptian Natural Gas Holding Company — with 45%, while Eni holds 30%, and state-owned Tharwa Petroleum retains 10%. The transaction value remains undisclosed.

Why it matters: Mubadala now holds a three-block footprint in the Mediterranean in what appears to be a clustering strategy, including a 20% stake in the adjacent Nour concession and a 10% interest in the Shorouk concession (home to the Zohr field). For Egypt, Mubadala provides the fresh capital needed for the Nargis partners to potentially bring the field online soon, which would boost Egypt’s largest-ever Mediterranean drilling campaign this year.

XRG, BP’s Arcius eyes USD 150 mn in Egypt exploratory well

Arcius Energy plans to invest USD 150 mn to drill an exploratory well in Egypt’s Mediterranean in 4Q this year, Asharq Business quotes a government official as saying. The Adnoc and BP joint venture has a broader investment strategy to develop oil and gas concessions in the country that it acquired from BP and Shell, with a USD 3.7 bn target over the next five years, Oil Minister Karim Badawi said.

An expanding portfolio: The company — established in December 2024 — holds former BP assets in two Egyptian development concessions, including a 10% stake in the Shorouk concession and full ownership of the North Damietta concession. It also holds exploration rights in North Tabya, Bellatrix City East, and North Fayrouz. Back in November, Arcius finalized an agreement to acquire the Harmattan gas and condensate field in the Eastern Mediterranean.

Bosta taps Super Jet’s nationwide fleet to expand inter-governorate shipping

State-owned Super Jet and delivery startup Bosta inked a strategic partnership to roll out a same-day inter-governorate shipping service, using Super Jet’s nationwide bus network, the Transport Ministry said in a statement. Bosta will station staff at select Super Jet terminals to receive, register, and prepare parcels for transport on scheduled bus routes. Once fully launched, the project is expected to handle 6 mn shipments annually.

Why this matters: The move signals the government’s push to better monetize transport sector assets through partnerships with the private sector. It also allows Bosta to gain access to a large and scheduled nationwide fleet without buying a single new bus, enabling it to operate faster shipping lines while lowering its cross-governorate delivery costs.