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QatarEnergy has signed an agreement with Shell to acquire a 27% stake in the North Cleopatra offshore block in Egypt's Herodotus basin, further expanding its global exploration portfolio. The deal, pending approval from Egyptian authorities, will see Shell retain a 36% interest as operator, while Chevron holds 27% and Tharwa Petroleum Company 10%. The block spans over 3,400 sq km in the eastern Mediterranean, with water depths reaching up to 2,600 metres. The acquisition adds to QatarEnergy's growing presence in key international oil and gas regions, including recent ventures in Guyana, Lebanon, Namibia, and South Africa, reinforcing its global expansion strategy.
QatarEnergy agreed with Shell SHEL.L to acquire a 27% participating interest in a block offshore Egypt from the oil and gas major, it said in a statement on Sunday. Advertisement
QatarEnergy has in recent years acquired stakes in oil and gas basins including in Guyana, Lebanon, Namibia and South Africa as part of a strategy to expand its global presence.
It recently also acquired several exploration blocks offshore Egypt.
The agreement, still subject to Egypt's approval, stipulated that Shell will retain a 36% participating interest as operator of the North Cleopatra block. Chevron CVX.N also holds a 27% participating interest and Egyptian oil and gas firm Tharwa Petroleum Company holds 10%.
The North Cleopatra block is located in the frontier Herodotus basin in the eastern Mediterranean Sea. It covers an area of over 3,400 square km (1,313 square miles) in water depths of up to 2,600 m (8,530 ft), QatarEnergy said.
Source: Reuters
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