Qatar’s state-owned energy giant QatarEnergy has set the wheels in motion to get a stake in an exploration block off the coast of Egypt.
The duo has struck a deal, subject to approval by the Egyptian government, which will enable QatarEnergy to acquire a 27% participating interest in Egypt’s North Cleopatra block, with Shell retaining a 36% participating interest as operator. The other participating interest holders are Chevron (27%) and Tharwa Petroleum Company (10%).
Commenting on this agreement, Saad Sherida Al-Kaabi , Qatar’s Minister of State for Energy Affairs, President and CEO of QatarEnergy, highlighted: “We are pleased to secure this additional exploration acreage, which further expands our upstream exploration activities in the Arab Republic of Egypt.”
Located offshore Egypt in the frontier Herodotus basin, the North Cleopatra block, which covers an area of over 3,400 square kilometers in water depths of up to 2,600 meters, is situated north and adjacent to the North El-Dabaa block, where QatarEnergy holds a 23% participating interest .
Al-Kaabi added: “We would like to take this opportunity to thank the Egyptian Ministry of Petroleum and Mineral Resources, and our partners in the block for their valued support and cooperation. We look forward to working together and delivering our exploration objectives.”
This portfolio enlargement comes shortly after QatarEnergy, alongside TotalEnergies and Société Nationale des Pétroles du Congo (SNPC), won an exploration permit offshore Congo.