QatarEnergy has signed an agreement with Shell to acquire a 27% participating interest in the North Cleopatra exploration block located offshore the Arab Republic of Egypt, the company said in a statement.
The transaction remains subject to approval by the Egyptian government.
Following the completion of the agreement, Shell will continue as operator of the block with a 36% interest. The remaining interests are held by Chevron with 27% and Tharwa Petroleum Company with 10%.
Commenting on the agreement, His Excellency Mr. Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, said: “We are pleased to secure this additional exploration acreage, which further expands our upstream exploration activities in the Arab Republic of Egypt.”
He added, “We would like to take this opportunity to thank the Egyptian Ministry of Petroleum and Mineral Resources, and our partners in the block for their valued support and cooperation. We look forward to working together and delivering our exploration objectives.”
The North Cleopatra block lies offshore Egypt in the frontier Herodotus basin, north of and adjacent to the North El-Dabaa block, where QatarEnergy already holds a 23% participating interest.
The block covers an area of more than 3,400 square kilometers in water depths reaching 2,600 meters.
QatarEnergy is the state-owned energy company of the State of Qatar, responsible for developing, producing, and marketing oil, gas, and related products both domestically and internationally.
Shell (Shell plc) is a public limited company headquartered in London, United Kingdom, engaged in global energy and petrochemical operations, including exploration, production, refining, and renewables.
Chevron (Chevron Corporation) is a U.S.-based multinational energy company involved in the exploration, production, and marketing of oil, gas, and petrochemical products worldwide.
Tharwa Petroleum Company is an Egyptian state-owned upstream oil and gas company established to develop hydrocarbon resources within Egypt and abroad.
