Egypt Exploration: QatarEnergy Secures 40% Stake in ExxonMobil Blocks

Egypt Exploration: QatarEnergy Secures 40% Stake in ExxonMobil Blocks

By Staff Writer, 14 May 2024

QatarEnergy has inked a significant deal with ExxonMobil, acquiring a 40% stake in two offshore exploration blocks in Egypt.

The agreement, announced via press release, sees QatarEnergy stepping into the Cairo and Masry offshore concession agreements, while ExxonMobil maintains its position as the majority stakeholder with a 60% ownership share and continues its role as the operator.

The agreement, however, is contingent upon approval from the Egyptian government.

Saad Sherida Al Kaabi, who serves as both Minister of State for Energy Affairs and President and CEO of QatarEnergy, expressed satisfaction with the move, emphasizing its role in expanding QatarEnergy's footprint within the Arab Republic of Egypt.

Al Kaabi noted that this acquisition aligns with the company's ambitious exploration agenda within Egypt.

Furthermore, Al Kaabi highlighted the collaborative aspect of the venture, expressing eagerness to work closely with ExxonMobil, the Egyptian Natural Gas Holding Company (EGAS), and the Egyptian Ministry of Petroleum and Mineral Resources.

The two offshore blocks, previously awarded to ExxonMobil in January 2023, cover an expansive area of approximately 11,400 square kilometres.

These blocks, located in water depths ranging from 2,000 to 3,000 metres, hold substantial promise for future exploration and development endeavors.

Source: Mubasher

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