QatarEnergy and Shell PLC have signed a definitive settlement for the state-owned firm to enter the North Cleopatra exploration block on Egypt’s facet of the Mediterranean Sea, operated by the British vitality big.
QatarEnergy will personal 27 p.c. Shell will retain a 36 p.c working stake. The opposite companions are Chevron Corp with a 27 p.c curiosity and Egypt’s state-owned Tharwa Petroleum Co with 10 p.c, in keeping with a QatarEnergy assertion on Sunday.
North Cleopatra spans 3,400 sq. kilometers (1,312.75 sq. miles) with waters as much as 2,600 meters (8,530.18 toes) deep, famous the assertion on the corporate’s web site.
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“We stay up for working collectively and delivering our exploration targets”, commented QatarEnergy president and chief government Saad Sherida Al-Kaabi, who can be Qatar’s vitality minister.
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 p.c, 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 offshore Egypt’s Mediterranean shore. The block has water depths of 100-3,000 meters, QatarEnergy stated.
Australia’s Woodside Vitality Group Ltd owns 27 p.c. Tharwa Petroleum has the remaining 10 p.c.
“We stay up for the drilling of the primary exploration effectively on this block and to a profitable and promising end result”, Al-Kaabi stated on the time.
Additionally final 12 months 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 blocks cowl round 11,400 sq. kilometers with waters 2,000-3,000 meters deep, in keeping with QatarEnergy.
“We stay up for working with our valued long-term strategic associate ExxonMobil, in addition to with the Egyptian Pure Gasoline Holding Firm and the Egyptian Ministry of Petroleum and Mineral Sources, on this promising and potential area”, Al-Kaabi stated in an organization assertion Might 12, 2024.
On March 29, 2022, QatarEnergy introduced an settlement with U.S. vitality main ExxonMobil to purchase a 40 p.c stake within the North Marakia exploration block on Egyptian waters within the Mediterranean.
Elsewhere in Egypt, QatarEnergy beforehand entered offers with Shell to purchase a 17 p.c stake every in Blocks 3 and 4 on the Egyptian facet of the Purple Sea, as introduced by QatarEnergy December 13, 2021.
In 2023 Egypt awarded a consortium consisting of QatarEnergy, Italian government-controlled Eni SpA and British vitality main BP PLC exploration and manufacturing rights for the East Port Mentioned block or EGY-MED-E8. QatarEnergy and BP every personal 33 p.c. Operator Eni has the remaining 34 p.c, in keeping with BP’s announcement of the award October 2, 2023.
To contact the creator, electronic mail jov.onsat@rigzone.com
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