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QatarEnergy partners with ExxonMobil, acquiring a 40% stake in two offshore Egypt exploration blocks through a farm-in agreement.

Under the terms of the agreement, which is subject to customary approvals by the government of Egypt, QatarEnergy will acquire a 40% working interest in each of the Cairo and Masry offshore concession agreements, while ExxonMobil, as the operator, will retain the remaining 60% working interest.

The Cairo and Masry offshore exploration blocks were awarded to ExxonMobil in January 2023 and cover an area of approximately 11,400 square kilometers in water depths of 2,000 to 3,000 meters.

“I am pleased with our entry into the Cairo and Masry offshore exploration blocks as they expand QatarEnergy’s presence in the Arab Republic of Egypt and extend our ambitious exploration program in-country.”

Saad Sherida Al-Kaabi, QatarEnergy’s President and CEO, expressed anticipation for collaboration with strategic partner ExxonMobil, along with EGAS and the Egyptian Ministry of Petroleum and Mineral Resources, in the promising offshore region.