Chevron Corp. has agreed to promote a 23 p.c curiosity within the North El-Dabaa (H4) Block on the Egyptian aspect of the Mediterranean Sea to QatarEnergy.
“This settlement demonstrates our dedication to the oil and fuel sector within the Arab Republic of Egypt, and additional strengthens our partnership with our valued companion Chevron”, Saad Sherida Al-Kaabi, president and chief government of state-owned QatarEnergy, mentioned in an organization assertion.
“We stay up for the drilling of the primary exploration properly on this block and to a profitable and promising consequence”, Al-Kaabi, who can be Qatar’s power affairs minister, added within the assertion on the corporate’s web site.
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Chevron at the moment holds a 63 p.c working stake within the concession. Woodside Power Group Ltd. owns 27 p.c whereas Egypt’s state-owned Tharwa Petroleum Co. has the remaining 10 p.c.
QatarEnergy didn’t disclose the acquisition worth and when it expects to finish the transaction.
North El-Dabaa lies about 10 kilometers (6.21 miles) from shore and has water depths of 100 to three,000 meters (328.08 to 9,842.52 toes).
Chevron holds 1.51 million internet acres in combination in North El Dabaa and North Sidi Barrani, in response to Chevron’s 2023 asset stock revealed on its web site. As of the top of the yr, Chevron had 2.45 million internet acres within the North African nation. Moreover North El Dabaa and North Sidi Barrani Chevron owns working stakes in Block 1 and Nargis and non-operating stakes in North Cleopatra and North Marina.
Earlier this yr QatarEnergy introduced a deal to accumulate a 40 p.c stake every within the Cairo and Masry exploration blocks offshore Egypt from sole proprietor Exxon Mobil Corp. The concession agreements for the blocks cowl about 11,400 sq. kilometers (4,401.56 sq. miles) in water depths of two,000 meters (6,561.68 toes) to three,000 meters.
“We stay up for working with our valued long-term strategic companion ExxonMobil, in addition to with the Egyptian Pure Fuel Holding Firm and the Egyptian Ministry of Petroleum and Mineral Assets, on this promising and potential area”, Al-Kaabi mentioned in an organization assertion Might 12.
On March 29, 2022, QatarEnergy signed an settlement with Texas-based ExxonMobil to buy a 40 p.c stake within the North Marakia exploration block on Egyptian waters within the Mediterranean.
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.
In October 2023 Egypt awarded a consortium consisting of QatarEnergy, Italian government-controlled Eni SpA and British power main BP PLC exploration and manufacturing rights for the East Port Mentioned block, or EGY-MED-E8. QatarEnergy and BP every personal a 33 p.c stake within the three way partnership. Operator Eni has the remaining 34 p.c.
To contact the writer, e mail jov.onsat@rigzone.com
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