Integrated energy company QatarEnergy has completed a farm-in transaction at Egypt’s North Rafah exploration block, acquiring a 40 percent participating interest in the offshore concession following approval by the Egyptian government. The block, covering an area of up to 3,000 square kilometers in the Mediterranean Sea, is operated by energy major Eni, which retains a 60 percent stake.
The acquisition supports QatarEnergy’s strategy to strengthen its presence in Egypt while expanding its global exploration portfolio. “We extend our thanks to the Ministry of Petroleum and Natural Mineral Resources in Egypt, and our partner Eni for their valued support and cooperation,” stated Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy. “We look forward to working together to achieve our exploration objectives.”
The transaction represents another step in QatarEnergy’s international expansion efforts and reinforces the company’s commitment to developing gas resources in the Mediterranean region.
Source: energycapitalpower.com