By Alberto Delclaux

Eni SpA (ENI.MI) said Monday that it has agreed to sell a 20% stake in Egypt's Nour North Sinai offshore concession to Abu Dhabi's Mubadala Petroleum.

The concession, located 50 kilometers offshore in the Mediterranean, is in water depths ranging from 50 to 400 meters and covers 739 square kilometers.

Eni and partner Tharwa Petroleum Company are currently carrying out the drilling of the exploration well.

The deal is subject to authorization from Egypt's authorities, Eni said.

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

(END) Dow Jones Newswires

November 12, 2018 05:46 ET (10:46 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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