Qatar’s state-owned energy giant QatarEnergy has inked a deal to acquire an interest in a block offshore Egypt operated by Italy’s Eni.
Thanks to a farm-in transaction with Eni, QatarEnergy will get a 40% stake in the North Rafah exploration block offshore Egypt, with the Italian player staying on as operator and 60% interest holder.
Saad Sherida Al-Kaabi , Qatar’s Minister of State for Energy Affairs and the President and CEO of QatarEnergy, said: “We are pleased with our new position in the North Rafah offshore block, which further strengthens our presence in Egypt and marks another important step in advancing our ambitious international exploration strategy.”
According to the Qatari player, the agreement was recently approved by the government of Egypt. The North Rafah block is located in the Mediterranean Sea, off the northeastern coast of Egypt. Situated in water depths of up to 450 meters, it covers nearly 3,000 square kilometers.
This comes on the heels of another acquisition announced by the Qatari firm offshore Egypt, the North Cleopatra block. As disclosed earlier this month, once approved by the Egyptian authorities, the deal will enable QatarEnergy to get a 27% stake in the block.
Its partners will be Shell, with a 36% participating interest as operator, Chevron (27%) and Tharwa Petroleum Company (10%).