QatarEnergy has signed an agreement with British oil giant Shell to buy a 27% participating interest in the North Cleopatra exploration block offshore Egypt.
The deal, which requires approval from the Egyptian Government, will see Shell retain a 36% participating interest and operate the block.
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Other partners in the project include Chevron with a 27% interest and Tharwa Petroleum Company with a 10% stake.
The North Cleopatra block, part of the frontier Herodotus basin, spans more than 3,400km² in water depths of up to 2,600m.
It lies adjacent to the North El-Dabaa block, where QatarEnergy already holds a 23% interest.
Qatar’s Minister of State for Energy Affairs and QatarEnergy president and CEO, Saad Sherida Al-Kaabi, said: “We are pleased to secure this additional exploration acreage, which further expands our upstream exploration activities in the Arab Republic of Egypt.
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By GlobalData“We would like to take this opportunity to thank the Egyptian Ministry of Petroleum and Mineral Resources, and our partners in the block for their valued support and cooperation.
“We look forward to working together and delivering our exploration objectives.”
In recent years, QatarEnergy has expanded its portfolio in various oil and gas basins including in Guyana, Lebanon, Namibia and South Africa, reported Reuters.
The two companies have collaborated on various projects in Qatar and around the world, including QatarEnergy LNG ventures, the Pearl GTL plant and other joint investments.
In May, QatarEnergy signed a 25-year condensate supply agreement with Shell International Eastern Trading Company, a subsidiary of Shell, for the delivery of up to 285 million barrels of condensate over the contract’s duration.
Last year, the two companies signed a long-term agreement to supply three million tonnes per annum of liquefied natural gas to China.
