QatarEnergy and Shell sign agreement to acquire interest in Egypt's North Cleopatra offshore block
QatarEnergy has signed an agreement with Shell to acquire a 27% participating interest in the North Cleopatra exploration block, located offshore in the Arab Republic of Egypt.
Under the agreement—pending approval
by the Egyptian government—Shell will continue as operator with a 36% stake,
while Chevron and Tharwa Petroleum Company will hold 27% and 10%, respectively.
Commenting on the partnership, H.E.
Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and
CEO of QatarEnergy, said: “We are pleased to secure this additional exploration
acreage, which further expands our upstream presence and strengthens our
strategic partnerships in Egypt.”
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He added, “We extend our gratitude to the Egyptian Ministry of Petroleum and Mineral Resources and our partners for their continued cooperation. We look forward to working together to achieve our exploration goals.”
The North Cleopatra block lies in
Egypt’s Herodotus Basin, adjacent to the North El-Dabaa block—where QatarEnergy
already holds a 23% interest—and spans over 3,400 square kilometers in water
depths reaching 2,600 meters.
Source: The Peninsula