In a significant development for Egypt’s energy sector, QatarEnergy has successfully acquired a 40% stake in the North Rafah exploration block offshore Egypt, with Italy’s Eni retaining operatorship and a 60% interest. The deal, recently approved by the Egyptian government, marks another strategic expansion for the Qatari energy giant in the Mediterranean region.
Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy, expressed satisfaction with the acquisition, stating that it further strengthens their presence in Egypt and represents another important step in advancing their ambitious international exploration strategy. He extended gratitude to Egypt’s Ministry of Petroleum and Natural Mineral Resources and partner Eni for their valued support and cooperation.
The North Rafah block is strategically located in the Mediterranean Sea off Egypt’s northeastern coast, covering nearly 3,000 square kilometers in water depths reaching up to 450 meters. This acquisition follows closely on the heels of another Egyptian offshore deal announced earlier this month, where QatarEnergy is set to acquire a 27% stake in the North Cleopatra block once approved by Egyptian authorities. In that venture, QatarEnergy will partner with Shell as operator holding 36%, Chevron with 27%, and Tharwa Petroleum Company with 10%.
Sources: offshore-energy.biz, oilreviewafrica.com