QatarEnergy announced on Sunday its acquisition of a 40% participating interest in two offshore gas exploration blocks off Egypt’s northern coast.
The deal, made with ExxonMobil, gives QatarEnergy stakes in the Cairo and Masry concessions, while ExxonMobil retains a 60% interest and remains the operator.
The financial details of the agreement were not disclosed.
Awarded to ExxonMobil in January 2023, the two blocks cover an area of approximately 11,400 square kilometres in waters with depths ranging from two to three kilometres.
Saad Al-Kaabi, CEO of QatarEnergy and Qatar’s energy minister, expressed his enthusiasm for the expansion and pledged collaboration with the Egyptian Natural Gas Holding Company (EGAS), Egypt’s petroleum and mineral resources ministry, and ExxonMobil in the exploration of this “promising and prospective region.”
Al-Kaabi also expressed his gratitude to the Egyptian authorities and partners for their support and cooperation.
