QatarEnergy has entered into an agreement with Shell to acquire a 27 percent participating interest in the North Cleopatra block offshore Egypt, further expanding its upstream exploration activities in the East Mediterranean and strengthening its footprint in African energy sectors.
Under the terms of the agreement, which is subject to approval by the Egyptian government, Shell will retain a 36 percent participating interest as operator of the block. The other participating interest holders are Chevron with 27 percent and Tharwa Petroleum Company with 10 percent.
His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and President and CEO of QatarEnergy, expressed pleasure in securing this additional exploration acreage, noting it further expands the company’s upstream exploration activities in Egypt. He thanked the Egyptian Ministry of Petroleum and Mineral Resources and partners in the block for their valued support and cooperation, expressing anticipation for working together to deliver exploration objectives.
The North Cleopatra block is located offshore Egypt in the frontier Herodotus Basin, positioned north and adjacent to the North El-Dabaa block where QatarEnergy already holds a 23 percent participating interest. The block covers an area of over 3,400 square kilometers in water depths reaching up to 2,600 meters, presenting both significant technical challenges and potentially rich rewards in terms of hydrocarbon reserves.
Such geological complexity means higher costs and technical demands, but the frontier nature of the Herodotus Basin offers substantial exploration upside. The acquisition builds on QatarEnergy’s previous Egyptian investments, including a farm-in agreement signed with ExxonMobil in May 2024 to acquire a 40 percent interest in two offshore exploration blocks covering a vast area of 11,400 square kilometers in waters ranging from 2,000 to 3,000 meters deep.
The deal also adds to QatarEnergy’s broader strategy to secure assets in major oil and gas basins worldwide, including operations in Guyana, Lebanon, Namibia, and South Africa. Such international partnerships enhance Egypt’s access to advanced technologies, expertise, and capital for energy exploration in challenging deepwater environments.
Source: energy-pedia.com, africa.businessinsider.com