– QatarEnergy acquires 40% stake in two offshore gas exploration blocks off Egypt’s northern coast, partnering with ExxonMobil for the Cairo and Masry concessions.
– The agreement maintains ExxonMobil’s role as operator with a 60% interest, while financial specifics remain undisclosed.
– CEO Saad Al-Kaabi expresses enthusiasm for collaboration with EGAS, Egypt’s petroleum ministry, and ExxonMobil, emphasizing the potential of this strategic expansion in the region.
QatarEnergy has revealed its acquisition of a 40% participating interest in two offshore gas exploration blocks situated off Egypt’s northern coast.
The agreement, forged with ExxonMobil, grants QatarEnergy stakes in the Cairo and Masry concessions, while ExxonMobil retains a 60% interest and remains the operator. Financial specifics of the deal were not disclosed.
Initially awarded to ExxonMobil in January 2023, the two blocks encompass an area spanning approximately 11,400 square kilometers, situated in waters with depths ranging from two to three kilometers.
Saad Al-Kaabi, CEO of QatarEnergy and Qatar’s energy minister, expressed his eagerness for this expansion and committed to collaboration with the Egyptian Natural Gas Holding Company (EGAS), Egypt’s petroleum and mineral resources ministry, and ExxonMobil in exploring this “promising and prospective region.”
Furthermore, Al-Kaabi conveyed gratitude to the Egyptian authorities and partners for their unwavering support and cooperation.
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