QatarEnergy has signed a farm-in agreement with ExxonMobil to acquire a 40 per cent participating interest in two exploration blocks offshore Egypt.

 

Under the terms of the agreement, which is subject to customary approvals by the government of Egypt, QatarEnergy will acquire a 40 per cent working interest in each of the Cairo and Masry Offshore Concession Agreements, while ExxonMobil (the Operator) will retain the remaining 60 per cent working interest.

 

Saad Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy said: “I am pleased with our entry into the Cairo and Masry offshore exploration blocks as they expand QatarEnergy’s presence in the Arab Republic of Egypt and extend our ambitious exploration program in-country.” 

 

Minister Al-Kaabi added, “We look forward to working with our valued long-term strategic partner ExxonMobil, as well as with the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian Ministry of Petroleum and Mineral Resources, in this promising and prospective region. I would like to take this opportunity to thank the Egyptian authorities and our partners for their valuable support and cooperation.”

 

The Cairo and Masry offshore exploration blocks were awarded to ExxonMobil in January 2023 and cover an area of approximately 11,400 square kilometers in water depths of 2,000 to 3,000 meters.  --OGN/TradeArabia News Service