QatarEnergy has entered into an agreement with ExxonMobil to acquire a 40% interest in an exploration block offshore Egypt.
Under the terms of the agreement, which is subject to customary approvals by the Egyptian government, QatarEnergy will hold the 40% working interest in the contractor’s share in the North Marakia Offshore Block in the Mediterranean Sea, while an affiliate of ExxonMobil (operator) will hold the remaining 60% working interest.
“This agreement represents another important step in establishing QatarEnergy’s presence in Egypt’s upstream oil and gas sector, and in implementing our international growth strategy,” said HE Saad bin Sherida al-Kaabi, the Minister of State for Energy Affairs, the president and chief executive of QatarEnergy.
North Marakia Offshore was awarded to ExxonMobil in 2020 and covers an area of 4,847sq km in water depths of 1,000m to 2,000m.
“We are pleased to sign this agreement and to work with our valued long-term partner ExxonMobil to explore exciting prospects in this promising region. We are also delighted to have the opportunity to work with EGAS (Egyptian Natural Gas Holding Company) and the Egyptian Ministry of Petroleum and Mineral Resources and I would like to take this opportunity to thank the Egyptian authorities and our partners for their valuable support and co-operation,” al-Kaabi said.
Under the terms of the agreement, which is subject to customary approvals by the Egyptian government, QatarEnergy will hold the 40% working interest in the contractor’s share in the North Marakia Offshore Block in the Mediterranean Sea, while an affiliate of ExxonMobil (operator) will hold the remaining 60% working interest.
“This agreement represents another important step in establishing QatarEnergy’s presence in Egypt’s upstream oil and gas sector, and in implementing our international growth strategy,” said HE Saad bin Sherida al-Kaabi, the Minister of State for Energy Affairs, the president and chief executive of QatarEnergy.
North Marakia Offshore was awarded to ExxonMobil in 2020 and covers an area of 4,847sq km in water depths of 1,000m to 2,000m.
“We are pleased to sign this agreement and to work with our valued long-term partner ExxonMobil to explore exciting prospects in this promising region. We are also delighted to have the opportunity to work with EGAS (Egyptian Natural Gas Holding Company) and the Egyptian Ministry of Petroleum and Mineral Resources and I would like to take this opportunity to thank the Egyptian authorities and our partners for their valuable support and co-operation,” al-Kaabi said.
