QatarEnergy acquires stake in Egypt offshore concession

QatarEnergy has acquired a 40% stake in the North Rafah block, offshore Egypt

The transaction was recently approved by the government of Egypt, with Eni retaining the remaining 60% interest as operator.

The North Rafah offshore block is located in the Mediterranean Sea, off the northeastern coast of Egypt. It spans nearly 3,000 sq kms in water depths of up to 450 m.

The announcement follows hard on the heels of the acquisition earlier this month of QatarEnergy’s 27% participating interest in the North Cleopatra block offshore Egypt, operated by Shell. It reflects the company’s push to expand upstream exploration activities globally, with maximising value from upstream being one of QatarEnergy’s five key strategic pillars in its vision to be one of the best energy companies in the world. Over the past few months QatarEnergy has acquired exploration licences in the Republic of Congo, Algeria and Namibia.

His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, 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."