Qaterenergy has signed an agreement with the British oil giant Shell to buy a 27% participating interest in the Cleopatra North Offshore exploration block Egypt.
The agreement, which requires the approval of the Egyptian government, will see Shell conserve a participant interest of 36% and operate the block.
Other partners in the project include Chevron with a 27% interested party and Tharwa Petroleum Company with a 10% participation.
The North Cleopatra block, part of the Border Border Basin, covers more than 3,400 km² in water depths of up to 2,600 m.
It is adjacent to the North el-Dabaa block, where Qaterenergy already has an interest of 23%.
The Minister of State for Energy Affairs of Qatar and the President and CEO of Qatarenergy, Saad SHERIDA AL-KAABI, said: “We are pleased to ensure this additional exploration surface, which further expands our upstream exploration activities in the Arab Republic of Egypt.
“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 valuable support and cooperation.
“We hope to work together and deliver our exploration goals.”
In recent years, Qaterenergy has expanded its wallet in several oil and gas basins, included in Guyana, Lebanon, Namibia and South Africa, he reported Reuters.
The two companies have collaborated in several projects in Qatar and worldwide, including Qatarenergy GNG companies, the Pearl GTL plant and other joint investments.
In May, Qaterenergy signed a 25 -year condensate supply agreement with Shell International Eastern Trading Company, a Shell subsidiary, for the delivery of up to 285 million condensate barrels during the duration of the contract.
Last year, the two companies signed a long -term agreement to supply three million tons per year of liquefied natural gas to China.
“Qatarenergy to acquire 27% interests in North Cleopatra Block offshore Egypt” was originally created and published by Offshore Technology, a brand owned by Globaldata.
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(Tagstotranslate) Tharwa Petroleum Company (T) Qatarenergy (T) Egyptian Government (T) Exploration activities