QatarEnergy has signed an agreement with Shell to acquire a 27% participating interest in the North Cleopatra offshore exploration block in Egypt, QatarEnergy announced on Sunday.
The North Cleopatra block lies in the frontier Herodotus basin in the Mediterranean Sea, and covers more than 3,400 square kilometres in water depths reaching 2,600 metres. Following the transaction, which is subject to approval by the Egyptian government, Shell will retain a 36% operating interest in the block, with Chevron holding 27% and Egypt’s Tharwa Petroleum Company holding 10%.
“We are pleased to secure this additional exploration acreage, which further expands our upstream exploration activities in the Arab Republic of Egypt,” said QatarEnergy president and CEO Saad Sherida Al Kaabi.
QatarEnergy has been expanding its international upstream footprint through the acquisition of stakes in offshore exploration blocks in Brazil, Egypt, Namibia, South Africa, and Suriname.
In Egypt, the company acquired in November 2024 a 23% stake from Chevron in the North El Dabaa block, which is adjacent to the North Cleopatra block. In May 2024, the company signed a farm-in agreement with ExxonMobil to obtain a 40% interest in the Cairo
and Masry offshore exploration blocks.
Source: theenergyyear.com