QatarEnergy has signed an agreement to acquire a 23% stake in an offshore exploration block in Egyptian waters from Chevron.
The North El-Dabaa block in the Mediterranean Sea is approximately 10km offshore with depths ranging from 100m to 3,000m.
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Following the transaction, Chevron will retain a 40% share in the concession agreement for the North El-Dabaa (H4) block and serve as the operator. Woodside and Egyptian state-owned Tharwa Petroleum Company will continue to hold 27% and 10% stakes, respectively, in the block.
This strategic move is part of QatarEnergy’s broader effort to expand its international footprint, with the company securing interests in oil and gas basins in countries such as Guyana, Lebanon, Namibia and South Africa, reported Reuters.
Qatar State Minister for Energy and QatarEnergy chief executive Saad al-Kaabi said: “This agreement demonstrates our commitment to the oil and gas sector in the Arab Republic of Egypt, and further strengthens our partnership with our valued partner Chevron.
“We look forward to the drilling of the first exploration well on this block and to a successful and promising outcome. I would like to take this opportunity to thank the Egyptian authorities and our partners Chevron, Woodside and Tharwa Petroleum for their support.”
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By GlobalDataIn May 2024, QatarEnergy and ExxonMobil signed a framework agreement to acquire two exploration blocks off Egypt’s coast.
As per the framework agreement, QatarEnergy is to hold a 40% stake in the Masry and Cairo concessions, with ExxonMobil retaining a 60% working interest.
In October 2024, the joint venture between ExxonMobil and Qatar Energy, GPLNG, was granted a three-year extension by the US Federal Energy Regulatory Commission to complete the Golden Pass LNG plant in Texas.
The new deadline is now set for 30 November 2029.
The project was initially authorised in December 2016 with a completion date of 21 December 2021, and the deadline was extended once to 30 November 2026. However, due to ongoing delays, a further extension was requested.
