In a bid to expand its presence in Egypt, QatarEnergy has recently signed an agreement with ExxonMobil to acquire a 40 percent participating interest in two exploration blocks in offshore Egypt.
The agreement is subject to customary approvals by the government of Egypt. Under the agreement, QatarEnergy will acquire a 40 percent working interest in each of the Cairo and Masry Offshore Concession Agreements. Meanwhile, ExxonMobil, which will act as the operator, will retain the remaining 60 percent of the working interest.
The Cairo and Masry offshore exploration blocks were awarded to ExxonMobil in January 2023. The blocks cover an area of around 11,400 square kilometers in water depths of 2,000 to 3,000 meters.
“We look forward to working with our valued long-term strategic partner ExxonMobil,” Al-Kaabi added. Moreover, he highlighted the importance of working with the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian Ministry of Petroleum and Mineral Resources on the project.
Read: UAE’s SNOC signs deal with Eni to explore oil in Ras Al Khaimah
Notably, QatarEnergy signed a similar deal with ExxonMobil in March 2022. The agreement allowed QatarEnergy to acquire a stake in ExxonMobil’s North Marakia offshore block in Egypt. This block’s location is around five miles offshore Egypt’s northern coast in the Herodotus basin.
