Oil & Gas QatarEnergy to acquire stake in Egyptian exploration basin By Neil Halligan November 12, 2024, 2:53 PM QatarEnergy Saad Sherida Al Kaabi, CEO of QatarEnergy, said the deal strengthens the company's partnership with Chevron QatarEnergy to buy 23% stake Agreement for North El-Dabaa Adds to exploration portfolio State-backed QatarEnergy has announced plans to buy a 23 percent stake in an offshore exploration block in Egypt from US oil company Chevron. Chevron will retain a 40 percent interest in the concession agreement for the North El-Dabaa (H4) Block in the Mediterranean Sea. The other partners in the block, which is about 10km offshore at water depths ranging between 100 and 3,000 metres, are Australian company Woodside Energy, with a 27 percent interest, and Tharwa Petroleum Company, an Egyptian state company. “This agreement demonstrates our commitment to the oil and gas sector in the Arab Republic of Egypt, and further strengthens our partnership with our valued partner Chevron,” said Saad Sherida Al Kaabi, Qatar’s minister of state for energy and CEO of QatarEnergy. QatarEnergies buys into Suriname oil expansion QatarEnergy buys stake in Egypt exploration blocks QatarEnergy profits down by 31% QatarEnergy has acquired stakes in several oil and gas basins in recent years. In July it bought a 20 percent stake in a production-sharing contract for an offshore concession in the South American country of Suriname from Chevron. Two months earlier it signed an agreement with US energy major ExxonMobil to acquire a stake in two exploration blocks off Egypt. And in the same month QatarEnergy was part of a consortium that agreed to develop the second phase of the Sépia oil and gas field, 200km off the coast of Brazil. QatarEnergy reported in June that its annual profits dropped by almost a third after gas prices fell from the highs caused by Russia’s invasion of Ukraine. It recorded a net profit of QAR101.9 billion ($28 billion) in 2023, down 31 percent on the previous year.
Finance Jordan to get $131m under IMF’s finance programme Jordan will receive $131 million from the International Monetary Fund (IMF) under its $1.2 billion extended fund facility programme (EEF). The four-year programme, approved in January 2024, remains on track, the IMF said in a statement following the completion of a second review. Jordan’s economy continues to grow amid low inflation, the fund said, adding […] 3 hours ago
Leisure & Hospitality Hilton set to triple Egypt presence with new brands Hilton is set to triple its presence in Egypt, increasing the number of hotels to 25 and expanding its footprint to more than 40 properties over the coming years. The expansion includes the opening of its lifestyle brand, Tapestry Collection, on the African continent, as well as Egypt’s first Curio Collection and a resort under […] 3 hours ago
Trade UAE finalises trade deal with five-nation EAEU bloc The UAE has finalised an economic agreement with the Eurasian Economic Union (EAEU) that will reduce or remove tariffs and eliminate technical barriers to trade with five countries. The economic partnership agreement with the EAEU, made up of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, will align customs procedures and harmonise digital trade and ecommerce, UAE […] 13 hours ago
Tourism Saudi Arabia donates $52m for Paris Pompidou Centre renovation Saudi Arabia has agreed to donate €50 million ($52 million) towards the renovation of the Pompidou Centre, one of the landmark buildings in Paris. Officially named Centre National d’Art et de Culture Georges Pompidou, the building is closing next year for five years for renovation works. Famous for its inside-out architecture and colourful exterior, it […] 15 hours ago
