Qatarenergy To Acquire Stake In Egypt's North Cleopatra Offshore Block

2025-10-06 05:08:37

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 6. QatarEnergy has signed an agreement with Shell to acquire a 27% participating interest in the North Cleopatra offshore block in Egypt, Trend reports.

The deal is subject to approval by the Egyptian government.

Under the agreement, Shell will retain a 36% stake as operator, while Chevron holds 27% and Tharwa Petroleum Company 10%.

Commenting on the acquisition, H.E. Saad Sherida Al-Kaabi, QatarEnergy's President and CEO, said:“We are pleased to secure this additional exploration acreage, which further expands our upstream activities in Egypt.” He added that QatarEnergy looks forward to collaborating with the Egyptian Ministry of Petroleum and Mineral Resources and partners in the block to achieve exploration objectives.

The North Cleopatra block, located offshore in Egypt's frontier Herodotus Basin, lies north of the North El-Dabaa block, where QatarEnergy already holds a 23% stake. The block spans over 3,400 square kilometers in water depths of up to 2,600 meters.

This acquisition further strengthens QatarEnergy's presence in Egypt and underscores its commitment to expanding upstream exploration in the region.

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