Skip to content Skip to Search
Skip navigation

QatarEnergy buys stake in Egypt exploration blocks 

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.



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.

Latest articles

Russians Turkey Istanbul Bridge

Russians rush from Turkey as costs and restrictions bite

Rising costs, increased difficulties in obtaining residency permits and tighter enforcement of restrictions on the number of foreign nationals who can live in popular regions are prompting an exodus of Russian citizens from Turkey.  The number of Russian nationals holding Turkish residence permits has plunged to just over 96,000 as of May 16, down from […]

Saudi Comac Dongfeng He Bandar al-Khorayef

Chinese planemaker banned by US woos Saudi airlines

The boss of a leading Chinese planemaker arrived in Saudi Arabia this week to pitch his aircraft just as the United States said it was close to finalising a defence agreement with Riyadh that is meant to limit its trade links with China.  Dongfeng He, chairman of Comac, the Commercial Aircraft Corporation of China, wants […]

The UAE's minister of industry and advanced technology, Sultan Al Jaber, left, met Karl Nehammer, Chancellor of Austria, for talks on trade

Austrian finance unicorn to open in UAE

Austria’s first unicorn has announced plans to set up in Dubai, as officials from the UAE hold top-level talks in Vienna to build on a 22 percent increase in bilateral trade last year A unicorn is a startup company valued at more than $1 billion that is privately owned and not listed on a share […]