QatarEnergy to acquire 40% interest in two blocks offshore Egypt
QatarEnerg has signed a farm-in agreement with ExxonMobil to acquire a 40% participating interest in two exploration blocks offshore Egypt, it announced on May 12.
Under the terms of the agreement, subject to customary approvals by the government of Egypt, QatarEnergy will acquire a 40% working interest in each of the Cairo and Masry offshore blocks. ExxonMobil, serving as operator, will retain the remaining 60% working interest.
Saad Sherida Al-Kaabi, CEO of QatarEnergy said: “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 programme in-country.”
The Cairo and Masry offshore exploration blocks, awarded to ExxonMobil in January 2023, cover an area of approximately 11,400 km2 in water depths ranging from 2,000 to 3,000 m.
QatarEnergy entered Egypt in 2021 through a deal with Shell to acquire interests in two offshore exploration blocks, Red Sea Blocks 3 and 4.