DOHA: In a strategic move to expand its global energy portfolio, Qatar Energy has reached an agreement with Shell to acquire a 27% participating interest in the North Cleopatra offshore block in Egypt, the company announced on Sunday.
The agreement, which is subject to approval from Egyptian authorities, will see Shell retain a 36% stake and continue as the operator of the block. Chevron holds an equal 27% interest, while Tharwa Petroleum Company, an Egyptian oil and gas firm, maintains a 10% share.
Located in the Herodotus Basin of the eastern Mediterranean Sea, the North Cleopatra block spans more than 3,400 square kilometers (1,313 square miles) with water depths reaching up to 2,600 meters (8,530 feet).
QatarEnergy noted that this acquisition aligns with its ongoing strategy to strengthen its global exploration and production footprint. In recent years, the company has expanded into several international markets, acquiring stakes in promising oil and gas basins across Guyana, Lebanon, Namibia, and South Africa, as well as multiple offshore exploration blocks in Egypt.
The partnership underscores Qatar Energy’s continued efforts to enhance its global upstream portfolio and strengthen collaboration with leading international energy companies.
By Reuters
