QatarEnergy has expanded its exploration activities in Egypt through a new agreement with Chevron to acquire a 23 percent working interest in the North El-Dabaa (H4) Block, located in the Mediterranean Sea offshore Egypt.
Under the terms of the agreement, QatarEnergy will hold a 23 percent stake, while Chevron, the operator of the block, will maintain a 40 percent interest. Other partners in the concession include Woodside, which holds a 27 percent share, and Tharwa Petroleum Company, an Egyptian state-owned enterprise, with a 10 percent stake.
Commenting on the partnership, His Excellency Mr. Saad Sherida Al-Kaabi, minister of state for energy affairs and president and CEO of QatarEnergy, stated: “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.”
Minister Al-Kaabi added: “We look forward to the drilling of the first exploration well on this block and to a successful and promising outcome. I would like to take this opportunity to thank the Egyptian authorities and our partners Chevron, Woodside, and Tharwa Petroleum for their support.”
The North El-Dabaa (H4) Block is situated approximately 10 kilometers off the Egyptian Mediterranean coast, with water depths varying between 100 and 3,000 meters.
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