QatarEnergy Buys 40% Stake in Offshore Egypt Exploration Block

(QatarEnergy, 29.Mar.2022) — QatarEnergy entered into an agreement with ExxonMobil to acquire a working interest in an exploration block offshore Egypt.

Under the terms of the agreement, which is subject to customary approvals by the government of Egypt, QatarEnergy will hold a 40% working interest in the contractor’s share in the North Marakia Offshore Block in the Mediterranean Sea, while an affiliate of ExxonMobil (operator) will hold the remaining 60% working interest.

Commenting on this occasion, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy said: “This agreement represents another important step in establishing QatarEnergy’s presence in the Arab Republic of Egypt’s upstream oil and gas sector, and in implementing our international growth strategy.”

His Excellency Minister Al-Kaabi added, “We are pleased to sign this agreement and to work with our valued long-term partner ExxonMobil to explore exciting prospects in this promising region. We are also delighted to have the opportunity to work with EGAS and the Egyptian Ministry of Petroleum and Mineral Resources and I would like to take this opportunity to thank the Egyptian authorities and our partners for their valuable support and cooperation.”

North Marakia Offshore was awarded to ExxonMobil in 2020 and covers an area of 4,847 km2 in water depths of 1,000 m to 2,000 m.