Overview
- Shell will remain operator with a 36% interest, while Chevron holds 27% and Tharwa Petroleum Company holds 10%.
- The agreement gives QatarEnergy a participating interest in a deepwater block in the Herodotus Basin, pending approval from Egypt’s Ministry of Petroleum and Mineral Resources.
- The North Cleopatra acreage spans more than 3,400 square kilometers with water depths up to 2,600 meters and sits north of North El-Dabaa, where QatarEnergy already owns 23%.
- The move continues QatarEnergy’s recent expansion in Egypt following last year’s acquisitions of 40% stakes in two Exxon-led offshore blocks and a 23% stake in a Chevron-operated block with Woodside and Tharwa.
- Egypt’s gas output has risen by more than 200 million cubic feet per day since August, helping cut the fuel import bill by $3.6 billion and enabling the settlement of $1 billion in arrears, according to official data.