QatarEnergy has entered into a farm-in agreement with ExxonMobil to acquire a 40% interest in two exploration blocks located offshore Egypt. The deal, pending approval from the Egyptian government, involves QatarEnergy obtaining a 40% working interest in both the "Cairo" and "Masry" Offshore Concession Agreements. ExxonMobil will continue as the operator with a 60% stake.
His Excellency Mr. Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, expressed satisfaction with this development: “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 also highlighted the collaboration with key partners: “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 blocks were initially awarded to ExxonMobil in January 2023. These areas cover approximately 11,400 square kilometers at water depths ranging from 2,000 to 3,000 meters.
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