QatarEnergy takes stake in Egypt offshore block from ExxonMobil

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.

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