QatarEnergy stated Monday it had accomplished the acquisition of a 40 % stake within the North Rafah exploration block offshore Egypt from Eni SpA.
The Italian state-backed vitality main retains 60 % as operator, state-owned QatarEnergy stated in a press launch.
North Rafah spans practically 3,000 sq. kilometers (1,158.31 sq. miles) within the Mediterranean Sea off the northeastern coast of Egypt, QatarEnergy famous. The block has a water depth of as much as 450 meters (1,476.38 ft), it stated.
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The acquisition “strengthens our presence in Egypt and marks one other necessary step in advancing our bold worldwide exploration technique”, stated QatarEnergy president and chief govt Saad Sherida Al-Kaabi, who can also be Qatar’s vitality minister.
Earlier this month QatarEnergy stated it has entered into an settlement to purchase a 27 % possession within the North Cleopatra exploration block on Egypt’s aspect of the Mediterranean Sea from operator Shell PLC.
Shell will retain 36 %. The opposite companions are Chevron Corp with a 27 % curiosity and Egypt’s state-owned Tharwa Petroleum Co with 10 %, in accordance with a QatarEnergy assertion October 5.
North Cleopatra spans 3,400 sq. kilometers with waters as much as 2,600 meters (8,530.18 ft) deep, QatarEnergy famous.
The license space is within the frontier Herodotus basin and adjoining to the northern portion of the North El-Dabaa block, the place QatarEnergy holds 23 %, QatarEnergy stated.
QatarEnergy obtained its North El-Dabaa stake from United States oil and fuel heavyweight Chevron, in an settlement introduced November 11, 2024.
North El-Dabaa lies about 10 kilometers off Egypt’s Mediterranean shore. The block has a water depth of 100-3,000 meters, in accordance with QatarEnergy.
On Could 12, 2024, QatarEnergy introduced a deal to accumulate 40 % every within the Cairo and Masry exploration blocks offshore Egypt from sole proprietor Exxon Mobil Corp. The blocks cowl round 11,400 sq. kilometers with waters 2,000-3,000 meters deep, in accordance with QatarEnergy.
On March 29, 2022, QatarEnergy introduced an settlement to purchase from U.S. vitality main ExxonMobil 40 % within the North Marakia exploration block in Egyptian waters within the Mediterranean.
Elsewhere in Egypt, QatarEnergy beforehand entered offers with Shell to purchase a 17 % stake every in Blocks 3 and 4 within the Purple Sea, as introduced by QatarEnergy December 13, 2021.
In 2023 Egypt awarded a consortium consisting of QatarEnergy, Eni and British vitality main BP PLC exploration and manufacturing rights for the East Port Stated block or EGY-MED-E8. QatarEnergy and BP every personal 33 %. Operator Eni has the remaining 34 %, in accordance with BP’s announcement of the award October 2, 2023.
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