QatarEnergy has signed an agreement with Shell to acquire a 27% stake in the North Cleopatra offshore exploration block in Egypt. The deal, which still requires approval from the Egyptian government, will leave Shell as the operator with a 36% interest. Chevron holds another 27%, and Tharwa Petroleum Company retains a 10% share.
The North Cleopatra block is located in the Herodotus basin, off the coast of Egypt. It covers more than 3,400 square kilometers and reaches water depths up to 2,600 meters. The area is adjacent to the North El-Dabaa block, where QatarEnergy already owns a 23% stake.
His Excellency Mr. Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, commented on the agreement: “We are pleased to secure this additional exploration acreage, which further expands our upstream exploration activities in the Arab Republic of Egypt.”
Al-Kaabi also stated: “We would like to take this opportunity to thank the Egyptian Ministry of Petroleum and Mineral Resources, and our partners in the block for their valued support and cooperation. We look forward to working together and delivering our exploration objectives.”
