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QatarEnergy buys stake in Egypt exploration blocks 

By Pramod Kumar
QatarEnergy's farm-in agreement gives it a 40% interest in Egypt's Cairo and Masry offshore exploration blocks Reuters/Sergei Karpukhin
QatarEnergy's farm-in agreement gives it a 40% interest in Egypt's Cairo and Masry offshore exploration blocks

State-run QatarEnergy has signed an agreement with US energy major ExxonMobil to acquire a stake in two exploration blocks off Egypt.

The farm-in agreement gives QatarEnergy a 40 percent interest in each of the Cairo and Masry offshore concession agreements. The value of the deal was not given.

ExxonMobil, the operator of the blocks, will retain the remaining 60 percent stake.

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The agreement is subject to approvals from the Egyptian government.

The Cairo and Masry offshore exploration blocks were awarded to ExxonMobil in January 2023 and cover an area of 11,400 sq km in water depths of 2,000 to 3,000 metres. 

QatarEnergy in March signed an agreement with US-based ExxonMobil to buy stakes in two Canadian offshore exploration blocks.

The company last month awarded a $6 billion contract to China State Shipbuilding Corporation to build 18 of the largest LNG vessels ever made as part of the state-owned company’s fleet expansion programme.

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