QatarEnergy has reached an agreement with Shell to acquire a 27% stake in an offshore exploration block in Egypt. The company has also recently picked up several exploration blocks in Egyptian waters, further strengthening its regional presence.
This adds to QatarEnergy’s recent deals in Guyana, Lebanon, Namibia, and South Africa.
Under the new deal—pending approval from Egyptian authorities—Shell will continue to operate the North Cleopatra block with a 36% share. Chevron will hold another 27%, while Egypt’s Tharwa Petroleum Company will retain a 10% interest.
“We are pleased to secure this additional exploration acreage, which further expands our upstream exploration activities in Egypt,” said Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, and President and CEO of QatarEnergy.
Located in the Herodotus Basin of the eastern Mediterranean Sea, the North Cleopatra block spans more than 3,400 square kilometers and reaches water depths of up to 2,600 meters, according to QatarEnergy. It was awarded to shell Egypt in 2021 through a production and sharing agreement.
