QatarEnergy Expands Its International Exploration With New 40% Stake Offshore Egypt

The Egyptian government has recently approved an agreement that allows QatarEnergy to acquire a 40% stake in an offshore concession. Eni, the operator, will maintain a 60% interest in this venture.

The North Rafah offshore block is situated in the Mediterranean Sea, off Egypt's northeastern coast. This area covers almost 3,000 square kilometers and reaches water depths of up to 450 meters.

Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, expressed satisfaction with this development. "We are pleased with our new position in the North Rafah offshore block, which further strengthens our presence in Egypt and marks another important step in advancing our ambitious international exploration strategy," he stated.

Minister Al-Kaabi also acknowledged the support received from Egyptian authorities and Eni. "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. We look forward to working together to achieve our exploration objectives," he added.

This agreement highlights QatarEnergy's commitment to expanding its international footprint. The collaboration with Eni is expected to enhance exploration efforts in the region. Both parties are optimistic about achieving their shared goals through this partnership.

The strategic location of the North Rafah block offers significant potential for energy exploration. The partnership aims to leverage this potential by combining resources and expertise.