QatarEnergy broadens its exploration presence in Egypt
Date
11/11/2024 4:55:59 AM
(MENAFN) QatarEnergy has involved into a deal with Chevron to obtain a 23 percent working interest in the concession deal for the North El-Dabaa (H4) Block, in the Mediterranean Sea offshore Egypt.
According to the deal, QatarEnergy is going to obtain a 23 percent interest, while Chevron (the operator) is going to maintain a 4o percent interest. Some partners on the block are Woodside with a 27 percent interest as well as Tharwa petroleum Firm, which is an Egyptian state firm, with a 10 percent interest.
Remarking on this event, His Excellency Saad Sherida Al-Kaabi, the Minister of State for energy Affairs, the Leader and CEO of QatarEnergy, stated that “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.”
He also pointed out that "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.”
The North El-Dabaa (H4) Block is located approximately 10 kilometers off Egypt’s Mediterranean coast, with water depths spanning from 100 to 3,000 meters.
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