Egypt: QatarEnergy joins ExxonMobil in two exploration blocks offshore the country

QatarEnergy has signed a farm-out agreement with ExxonMobil to acquire a 40% interest in two exploration blocks offshore Egypt.

Under the terms of the agreement, which is subject to the usual Egyptian government approvals, QatarEnergy will acquire a 40% working interest in each of the Cairo and Masry offshore concession agreements, while ExxonMobil, as operator, will retain the remaining 60%. interest.

The Cairo and Masry offshore exploration blocks were awarded to ExxonMobil in January 2023 and cover an area of around 11,400 square kilometers in water depths of 2,000 to 3,000 meters.

"I am pleased with our entry into the Cairo and Masry offshore exploration blocks, which expand QatarEnergy's presence in the Arab Republic of Egypt and extend our ambitious exploration program in the country."

 "We look forward to working with our valued long-term strategic partner ExxonMobil, as well as the Egyptian Natural Gas Company (EGAS) and the Egyptian Ministry of Petroleum and Mineral Resources, in this promising and up-and-coming region," said Saad Sherida. Al-Kaabi, Minister of State for Energy Affairs, Chairman and CEO of QatarEnergy.