Exxon Mobil Corp. has signed a deal farming out a 40 p.c stake every within the Cairo and Masry exploration blocks offshore Egypt to QatarEnergy.
Upon the closure of the settlement, which is topic to approval by the Egyptian authorities, ExxonMobil will retain the remaining 60 p.c working curiosity, QatarEnergy mentioned in a press launch Sunday.
“We look ahead to working with our valued long-term strategic companion ExxonMobil, in addition to with the Egyptian Pure Gasoline Holding Firm and the Egyptian Ministry of Petroleum and Mineral Assets, on this promising and potential area”, QatarEnergy president and chief govt Saad Sherida Al-Kaabi, who can be Qatar’s power minister, mentioned in a press release.
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The concession agreements for the blocks cowl about 11,400 sq. kilometers (4,401.6 miles) in water depths of two,000 meters (6,561.7 ft) to three,000 meters (9,842.5 ft), state-owned QatarEnergy mentioned. Egypt awarded the blocks to ExxonMobil January 2023.
Elsewhere in Egypt, QatarEnergy beforehand entered offers with Shell PLC to purchase a 17 p.c working stake every in Blocks 3 and 4 on the Egyptian aspect of the Purple Sea, as introduced by QatarEnergy December 13, 2021.
Elsewhere in Africa, QatarEnergy mentioned final 12 months it had signed an settlement with the British power large to accumulate a 40 p.c working stake in block C10 offshore Mauritania. The exploration and manufacturing deal would go away operator Shell with a 50 p.c curiosity, QatarEnergy mentioned in a information launch April 2, 2023. Shell owns 90 p.c of the mission and state-owned Société Mauritanienne des Hydrocarbures et de Patrimoine Minier holds the remaining 10 p.c per a pact inked with the Western African nation in 2018.
The Mauritanian block spans 11,500 sq. kilometers (4,440.2 sq. miles), QatarEnergy mentioned. It’s situated some 50 kilometers (31.1 miles) off the coast in water depths of round 50 meters (164.042 ft) to 2,000 meters (6,561.68 ft,) it mentioned.
Earlier final 12 months, QatarEnergy introduced the Jonker 1X discovery underneath Namibia’s PEL 39 license. That is QatarEnergy’s third oil discovery within the Southern African nation after the Graff 1 and the Venus 1X within the Orange Basin offshore Namibia, QatarEnergy mentioned in a information launch March 6, 2023.
QatarEnergy additionally holds stakes in PEL 56 (30 p.c) and PEL 91 (28.33 p.c) offshore Namibia.
On the South African aspect of the Orange Basin, QatarPetroleum additionally owns a stake within the DWOB block, after the completion of a transaction with operator TotalEnergies SE that was first introduced July 4, 2021. Qatar Petroleum in 2020 already made two oil discoveries in South Africa in Outeniqua Basin’s Block 11B/12B together with Canadian Pure Assets Ltd., Foremost Avenue Ltd. and TotalEnergies, based on a media launch by Qatar Petroleum October 28, 2020.
TotalEnergies introduced March 6, 2024, a take care of Africa Oil SA Corp. that will give QatarEnergy a 24 p.c stake and the French power main an operated 33 p.c stake in block 3B/4B, which is adjoining to DWOB.
Qatar Petroleum additionally in 2019 mentioned it had entered exploration enterprise in Angola and Côte d’Ivoire.
To contact the writer, electronic mail jov.onsat@rigzone.com
