QatarEnergy gets 27% interest in North Cleopatra block from Shell
QatarEnergy agreed with Shell to acquire a 27% participating interest in a block offshore Egypt from the oil and gas major, it said in a statement on Sunday. QatarEnergy has in recent years acquired stakes in oil and gas basins, including in Guyana, Lebanon, Namibia and South Africa as part of a strategy to expand its global presence.
Image credit: Sahin Sezer Dinçer on Unsplash
It recently also acquired several exploration blocks offshore Egypt.
The agreement, still subject to Egypt's approval, stipulated that Shell will retain a 36% participating interest as operator of the North Cleopatra block.
Chevron also holds a 27% participating interest, and Egyptian oil and gas firm Tharwa Petroleum Company holds 10%.
The North Cleopatra block is located in the frontier Herodotus basin in the eastern Mediterranean Sea.
It covers an area of over 3,400km² in water depths of up to 2,600m, QatarEnergy said.