QatarEnergy has signed an agreement with Shell plc to acquire a 27% participating interest in the North Cleopatra exploration block, located in Egypt’s frontier Herodotus Basin in the eastern Mediterranean Sea.
The deal, announced on Sunday, underscores QatarEnergy’s aggressive push to expand its global upstream portfolio and strengthens its foothold in Egypt’s burgeoning energy sector.
The North Cleopatra block, spanning over 3,400 square kilometres in water depths of up to 2,600 meters, is a high-potential exploration area adjacent to the North El-Dabaa block, where QatarEnergy already holds a 23% stake.
Under the terms of the agreement, Shell will retain operatorship with a 36% interest, while Chevron holds a 27% stake, and Egypt’s Tharwa Petroleum Company maintains a 10% share.
The transaction awaits approval from the Egyptian government, with financial details undisclosed.
HE Saad Sherida Al Kaabi, Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy, hailed the deal as a significant milestone. “We are delighted to secure this additional exploration acreage, further expanding our upstream activities in Egypt,” Al Kaabi said. “We extend our gratitude to the Egyptian Ministry of Petroleum and Mineral Resources and our partners for their continued support.
We look forward to collaborating to achieve our exploration objectives in this promising region.”
This acquisition aligns with QatarEnergy’s broader strategy to tap into global hydrocarbon resources, with recent moves in Guyana, Lebanon, Namibia, South Africa, and other Egyptian blocks.
The North Cleopatra block offers significant potential for new gas discoveries, which could bolster Egypt’s position as a key energy supplier in the Mediterranean and support its export ambitions.
The deal highlights growing collaboration among industry giants like Shell and Chevron in Egypt’s offshore frontier, positioning the region as a hotspot for future energy developments.
As global demand for natural gas rises, QatarEnergy’s latest move reinforces its role as a major player in the international energy landscape.
Administrator and Writer
