QatarEnergy, the state-owned energy giant of Qatar, has taken a significant step to expand its oil and gas exploration portfolio by securing a stake in an offshore block in Egypt.
The company has entered into a deal with Shell, subject to approval by the Egyptian government, granting QatarEnergy a 27% participating interest in the North Cleopatra exploration block. Shell will continue to operate the block with a 36% share, while Chevron holds 27% and Tharwa Petroleum Company has 10%.
The North Cleopatra block is situated in Egypt’s frontier Herodotus basin, covering more than 3,400 square kilometres and reaching water depths of up to 2,600 meters. Positioned north of the North El-Dabaa block, where QatarEnergy already holds a 23% stake, this new venture further strengthens the company's exploration activities in the region.
Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President of QatarEnergy, expressed his satisfaction with the deal, noting that the acquisition expands QatarEnergy’s presence in Egypt’s upstream sector. He also thanked the Egyptian Ministry of Petroleum and the company's partners for their ongoing support and cooperation.
This move comes soon after QatarEnergy, in partnership with TotalEnergies and SNPC, won an offshore exploration permit in Congo, further boosting its international growth ambitions.
