QatarEnergy has recently finalised a farm-in agreement with ExxonMobil, paving the way for QatarEnergy to acquire a 40 percent participating interest in two exploration blocks offshore Egypt.

As per the terms of the agreement, pending customary approvals from the government of Egypt, QatarEnergy will secure a 40 percent working interest in both the “Cairo” and “Masry” offshore concession agreements, while ExxonMobil, serving as the operator, will retain the remaining 60 percent working interest.

In response to the signing of this significant agreement, His excellency Mr. Saad Sherida Al-Kaabi, the minister of state for energy affairs and the president and CEO of QatarEnergy, expressed his satisfaction, stating, “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 programme in-country.”

Minister Al-Kaabi further emphasised, “We look forward to collaborating with our esteemed long-term strategic partner ExxonMobil, alongside the Egyptian Natural Gas Holding Company 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 exploration blocks, awarded to ExxonMobil in January 2023, encompass an area of approximately 11,400 square kilometres, situated in water depths ranging from 2,000 to 3,000 metres.

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13th May 2024