QatarEnergy acquires stake in two ExxonMobil-operated exploration blocks offshore Egypt
(WO) – QatarEnergy has signed a farm-in agreement with ExxonMobil to acquire a 40% participating interest in two exploration blocks offshore Egypt.
Under the terms of the agreement, QatarEnergy will acquire a 40% working interest in each of the “Cairo” and “Masry” Offshore Concession Agreements, while ExxonMobil (the operator) will retain the remaining 60% working interest.
The Cairo and Masry offshore exploration blocks were awarded to ExxonMobil in January 2023 and cover an area of approximately 11,400 km2 in water depths of 2,000 to 3,000 m.
Commenting on the signing of this agreement, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy said, “I am pleased with our entry into the Cairo and Masry offshore exploration blocks as they expand QatarEnergy’s presence in the Arab Republic of Egypt and extend our ambitious exploration program in-country.”
His Excellency Minister Al-Kaabi added, “We look forward to working with our valued long-term strategic partner ExxonMobil, as well as with the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian Ministry of Petroleum and Mineral Resources, in this promising and prospective region. I would like to take this opportunity to thank the Egyptian authorities and our partners for their valuable support and cooperation.”
