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QatarEnergy extends presence in Egypt

QatarEnergy is acquiring an interest in two exploration blocks offshore Egypt. (Image source: Adobe Stock)

Exploration & Production

QatarEnergy is expanding its presence in Egypt with the signing of an agreement with ExxonMobil to acquire a 40% participating interest in two exploration blocks offshore Egypt

Under the terms of the agreement, QatarEnergy will acquire a 40% working interest in each of the “Cairo” and “Masry” Offshore Concession Agreements, while operator ExxonMobil will retain the remaining 60% working interest.

The Cairo and Masry offshore exploration blocks were awarded to ExxonMobil in January 2023 and cover an area of approximately 11,400 sq km in water depths of 2,000 to 3,000 metres.

His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the president and CEO of QatarEnergy said, “I am pleased with our entry into the Cairo and Masry offshore exploration blocks as they expand QatarEnergy’s presence in the Arab Republic of Egypt and extend our ambitious exploration programme in-country.”

QatarEnergy has been expanding its overseas upstream portfolio in recent years, entering Egypt’s upstream sector in 2021 with the acquisition of interests in two offshore exploration blocks in the Egyptian side of the Red Sea from operator Shell. It has also made recent acquisitions in Mauritania and Lebanon.