QatarEnergy has reached an agreement with Shell to acquire a 27% stake in an offshore exploration block in Egypt.
Over the past few years, QatarEnergy has been steadily expanding its global footprint, securing positions in key oil and gas regions such as Guyana, Lebanon, Namibia, and South Africa.
The company has also recently picked up several exploration blocks in Egyptian waters, further strengthening its regional presence.
Under the new deal—pending approval from Egyptian authorities—Shell will continue to operate the North Cleopatra block with a 36% share. Chevron will hold another 27%, while Egypt’s Tharwa Petroleum Company will retain a 10% interest.
Located in the Herodotus Basin of the eastern Mediterranean Sea, the North Cleopatra block spans more than 3,400 square kilometers and reaches water depths of up to 2,600 meters, according to QatarEnergy.
source: www.reuters.com
African Energy Council