AfricaContracts and TendersMiddle East

QatarEnergy takes stake in Egypt offshore block from ExxonMobil

By LNG Prime Staff
QatarEnergy takes stake in Egypt offshore block from ExxonMobil
Image: QatarEnergy

LNG giant QatarEnergy said it has entered into a deal with US player ExxonMobil to acquire a stake in an exploration block offshore Egypt.

Under the terms of the deal, QatarEnergy would hold a 40 percent working interest in the contractor’s share in the North Marakia Offshore Block in the Mediterranean Sea, the state-owned firm said on Tuesday.

An affiliate of ExxonMobil will remain the operator and hold the 60 percent working interest.

The deal remains subject to customary approvals by the government of Egypt.

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

“This agreement represents another important step in establishing QatarEnergy’s presence in Egypt’s upstream oil and gas sector, and in implementing our international growth strategy,” Qatar’s energy minister and chief executive of QatarEnergy, Saad Sherida Al-Kaabi, said.

Al-Kaabi welcomed this deal with QatarEnergy’s long-term partner ExxonMobil to explore “exciting prospects in this promising region”.

In December last year, QatarEnergy entered into agreements with Shell to buy stakes in two exploration blocks offshore Egypt in the Red Sea.

Most Popular

LNG Terminals

Atlantic LNG shipping rates down, Pacific rates climb

Atlantic spot LNG shipping rates dropped this week, while Pacific rates rose compared to the week before, according to Spark Commodities.
LNG Terminals

Cheniere nears launch of seventh Corpus Christi expansion train

US LNG exporter Cheniere is close to launching the seventh and final train of the Corpus Christi Stage 3 expansion project in Texas.
LNG Terminals

Vietnam’s Cai Mep LNG terminal starts gas deliveries to Phu My power complex

Nebula Energy’s AG&P LNG has started delivering natural gas from Vietnam's Cai Mep liquefied natural gas (LNG) import terminal to the 900 MW Phu My 2.1 and 2.1E power plants operated by EVNGENCO3.
spot_img

More News Like This

Middle East

Report: no LNG carriers passed through Hormuz since July 11

No LNG carriers have transited the Strait of Hormuz since July 11, as the security situation around the strategic waterway continues to deteriorate following Iranian attacks on three commercial vessels and subsequent military exchanges between Iran and the United States, according to Kpler data.
LNG Terminals

Snam’s Piombino FSRU gets Golden Pass LNG cargo

Snam’s FSRU-based LNG import terminal in the Italian port of Piombino has received its first LNG cargo from the Golden Pass LNG export terminal in Texas, according to shipping data.
Vessels

Qatar’s Nakilat says no one injured after LNG carrier attack

Qatari LNG shipping giant Nakilat said on Wednesday that no one was injured after its Q-Flex LNG carrier Al Rekayyat was hit by a projectile while transiting the Strait of Hormuz on Tuesday.
Vessels

Qatar confirms LNG carrier attack

Qatar's Ministry of Foreign Affairs said on Tuesday that Nakilat's Q-Flex LNG carrier was attacked by Iran while transiting near the Strait of Hormuz.