QatarEnergy has completed a farm-in transaction with Eni, acquiring a 40% participating interest in the North Rafah exploration block offshore the Arab Republic of Egypt, the company said in a news release.
The agreement, recently approved by the government of Egypt, gives QatarEnergy a 40% stake in the offshore concession, while Eni, the Operator, retains the remaining 60%.
Commenting on the deal, His Excellency Mr. Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, said: “We are pleased with our new position in the North Rafah offshore block, which further strengthens our presence in Egypt and marks another important step in advancing our ambitious international exploration strategy.”
Mr. Al-Kaabi added: “We extend our thanks to the Ministry of Petroleum and Natural Mineral Resources in Egypt, and our partner Eni for their valued support and cooperation. We look forward to working together to achieve our exploration objectives.” The North Rafah offshore block is located in the Mediterranean Sea, off Egypt’s northeastern coast. It covers nearly 3,000 square kilometers in water depths of up to 450 meters. The information provided does not include financial terms of the transaction, the expected timeline for exploration activities, or production targets.
QatarEnergy is a state-owned corporation of the State of Qatar responsible for all phases of the country’s oil and gas industry, including exploration, production, refining, transport, and marketing.
Eni S.p.A. is an Italian multinational energy company headquartered in Rome. It operates in the exploration, production, refining, and marketing of oil and gas, as well as in renewable energy and decarbonization technologies.
