Qatar Energy has announced that it has reached an agreement with Shell to acquire a 27% interest in the North Cleopatra block, located offshore Egypt in the Herodotus Basin of the Eastern Mediterranean. The transaction, which is subject to approval by the Egyptian authorities, marks a further step in Qatar Energy's global expansion strategy.
The North Cleopatra block, which covers an area of more than 3,400 km² with water depths of up to 2,600 metres, is operated by Shell, which retains a 36% stake. Chevron also has a 27% stake, while the Egyptian oil company Tharwa Petroleum Company has a 10% stake.
This acquisition is part of Qatar Energy's drive to strengthen its international presence in strategic oil and gas basins, including Guyana, Lebanon, Namibia and South Africa. The company also recently acquired several exploration blocks offshore Egypt, consolidating its position in this high-potential region.
"This new acquisition reflects our commitment to expanding our exploration portfolio and investing in promising areas such as the Herodotus Basin," said a Qatar Energy spokesperson.
This project, located in a frontier zone that has yet to be explored, could open up new prospects for the Egyptian energy industry and strengthen strategic partnerships in the region.