- Exxon Mobil Corp. has signed a deal with QatarEnergy to acquire a 40 per cent stake in the Cairo and Masry exploration blocks.
- QatarEnergy said the concession agreements for the blocks cover about 11,400 square kilometres (4,401.6 miles) at 2,000-meter water depths.
Exxon Mobil Corp. has signed a deal with QatarEnergy to acquire a 40 per cent stake in each of the Cairo and Masry exploration blocks offshore Egypt.
Pending approval from the Egyptian government, QatarEnergy has disclosed that ExxonMobil will maintain a 60 per cent working interest in a significant venture. This arrangement follows Egypt’s allocation of the blocks to ExxonMobil in January 2023. The blocks, spanning approximately 11,400 square kilometres across water depths ranging from 2,000 to 3,000 meters, represent a substantial opportunity.
QatarEnergy expressed eagerness about the collaboration and emphasized the importance of partnerships. President and CEO Saad Sherida Al-Kaabi, Qatar’s energy minister, conveyed enthusiasm for collaborating with ExxonMobil, the Egyptian Natural Gas Holding Company, and the Egyptian Ministry of Petroleum and Mineral Resources. The statement underscores the optimism surrounding this promising and prospective region.
In parallel developments, TotalEnergies revealed a noteworthy agreement on March 6, 2024. The deal involves QatarEnergy securing a 24 per cent stake, with TotalEnergies obtaining a 33 per cent operated stake in block 3B/4B. This block is adjacent to DWOB, marking a strategic move in the region’s energy landscape.
These developments signify the growing partnerships and interests in the energy sector and the strategic positioning of key players in exploration and production. As companies navigate complex regulatory environments and forge alliances, the region’s energy potential continues to attract significant investment and attention.