Abu Dhabi mubadara oil company recently signed a concession agreement with the Ministry of petroleum and mineral resources of Egypt for oil and gas exploration in the Red Sea. The exploration area is block 4 of the Red Sea, adjacent to the Gulf of Suez basin, covering an area of about 3084 square kilometers.

According to the agreement, mubadara oil company will have 27% participation rights in four blocks, shell and tharwa, an Egyptian oil company, will have 63% and 10% respectively.