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QatarEnergy acquires two blocks of Egyptian offshore exploration rights

May 13, 2024 at 10:23 am

Logo of QatarEnergy, formerly Qatar Petroleum on September 18, 2023 [Artur Widak/NurPhoto via Getty Images]

State owned QatarEnergy and US multinational company ExxonMobil have signed a framework agreement to acquire a 40 per cent stake in two offshore exploration sites off the coast of Egypt. Under the agreement, QatarEnergy will receive stakes in the Cairo and Masry concessions off Egypt’s north coast, while ExxonMobil will retain 60 per cent, explained the Qatari company.

“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,” commented Qatar’s Minister of State for Energy Affairs, President and CEO of QatarEnergy, Saad Bin Sherida Al Kaabi.

“We look forward to working with our valued long-term strategic partner ExxonMobil, as well as with the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian Ministry of Petroleum and Mineral Resources, in this promising and prospective region. I would like to take this opportunity to thank the Egyptian authorities and our partners for their valuable support and cooperation.”

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

In October, QatarEnergy won exploration rights in a new offshore block, in a bid run by the Egyptian Natural Gas Holding Company (EGAS).

With the new deal, QatarEnergy’s exploration activities offshore Egypt increase to six, including exploration areas 3 and 4 in the Red Sea, the North Marakia area in the Mediterranean, and the Cairo and Masry offshore areas.

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