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%.
The agreement is the first direct long-term SPA between the companies. Volumes will be sourced from QatarEnergy’s Ras Laffan facility and will be delivered to Messer customers worldwide. The financial terms of the deal were not disclosed.
“This award of a promising Exploration permit, with the material Nzombo prospect, reflects our continued strategy of expanding our Exploration portfolio with high impact prospects, which can be developed leveraging our existing facilities, and confirms our longstanding partnership with the Republic of the Congo,” senior vice-president exploration Kevin McLachlan said.
Eco (Atlantic) Oil & Gas has completed a farm down of a 13.75% participating interest in Block 3B/4B offshore South Africa to TotalEnergies and QatarEnergy.
The approval has been granted for offshore oil block S-4, which was offered as part of the auction initiated in September 2023.
Two environmentalist groups have challenged in court French oil major TotalEnergies’ plans to drill five wells offshore South Africa.
TotalEnergies acquired a 33% stake in an exploration block offshore South Africa earlier in March.
Despite the apparent risks, TotalEnergies and QatarEnergy are moving ahead with their exploration effort off the South-African coast.
The overall expansion of North Field from 77mtpa currently to 142mtpa by 2030 represents an 85 percent increase in production.
QatarEnergy on Jan. 31 announced $6.2 billion in contract awards for the third phase of development at its offshore Al-Shaheen oil field, the country’s biggest, which will increase production by about 100,000 b/d.
Shipping disruptions across the Red Sea threaten global trade after major shippers, such as Maersk and others, have rerouted vessels.
As of Monday, QatarEnergy, one of the world’s largest LNG exporters has stopped shipping cargoes through the Red Sea.
Possible delays or disruptions of LNG shipments from Qatar are not a concern to European traders yet.
QatarEnergy has signed definitive agreements with China National Petroleum Corporation (CNPC), covering the long-term supply of LNG to China and partnership in the North Field East LNG expansion project (NFE).