ALBAWABA - QatarEnergy stated on Monday that it had signed an agreement with US multinational company ExxonMobil for the acquisition of 40 percent stake at two offshore gas exploration blocks from Egypt.
The deal states that ExxonMobil, the company that manages the two offshore exploration fields, would keep the remaining 60 percent working interest in "Cairo" and "Masry" in Egypt’s north coast, with QatarEnergy acquiring a 40 percent working stake in each.
The two blocks, which were given to ExxonMobil in January 2023, span an area of around 11,400 square kilometers in seas that are between two and three kilometers deep, the two firms earlier inked a similar agreement in March 2022 under the same percentages regarding North Marakia offshore block.
The cost of the agreement has not been publicly disclosed, and the deal is subject to Egyptian regulations.
Saad al-Kaabi, CEO of QatarEnergy and Qatar’s energy minister, greeted the growth with enthusiasm and pledged cooperation in the "promising and prospective region" with ExxonMobil, the Egyptian Natural Gas Holding Company (EGAS), and Cairo's ministry of petroleum and natural resources.
“I would like to take this opportunity to thank the Egyptian authorities and our partners for their valuable support and cooperation,” Kaabi stated.
