Establishing further presence beyond the North El-Dabaa block in the Arab Republic of Egypt, QatarEnergy will be acquiring a 27% interest in the North Cleopatra block as well
As the energy major from the Middle East signed an agreement with Shell, shares on the block currently stands at 36% participating interest for Shell as operator, followed by Chevron (27%) and Tharwa Petroleum Company (10%).
Commenting on the agreement, Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the president and CEO of QatarEnergy, said, “We are pleased to secure this additional exploration acreage, which further expands our upstream exploration activities in the Arab Republic of Egypt.”
“We would like to take this opportunity to thank the Egyptian Ministry of Petroleum and Mineral Resources, and our partners in the block for their valued support and cooperation. We look forward to working together and delivering our exploration objectives,” he added.
The North Cleopatra block is located offshore Egypt in the frontier Herodotus basin and is north and adjacent to the North El-Dabaa block, where QatarEnergy holds a 23% participating Interest. The North Cleopatra block covers an area of over 3,400 square kilometers in water depths of up to 2,600 meters.
QatarEnergy acquires new block offshore Egypt
The North Cleopatra block is located offshore Egypt. (Image source: QatarEnergy)
