- QatarEnergy acquires a 23% stake in Egypt’s North El-Dabaa (H4) offshore block, deepening its partnership with Chevron.
- The block, located 10 km off Egypt’s Mediterranean coast, has significant potential for oil and gas exploration. Chevron, Woodside, and Tharwa Petroleum are partners in it.
- QatarEnergy continues to expand its global portfolio, aligning with its strategy to boost international oil and gas assets. Recent deals with ExxonMobil in Egypt are examples of this.
QatarEnergy acquired a 23% stake in the North El-Dabaa (H4) block, located offshore Egypt’s Mediterranean coast. The state-owned Qatari company signed the agreement with Chevron, as announced on Monday, November 11.
QatarEnergy manages Qatar’s energy resources and aims to expand its footprint in Egypt’s oil and gas sector with this acquisition. The deal also strengthens its partnership with Chevron.
Chevron, the block’s operator, maintains a 40% working interest. Other partners include Woodside, holding 27%, and Egypt’s state-owned Tharwa Petroleum, with 10%. The North El-Dabaa block lies about 10 kilometres off Egypt’s Mediterranean coast, with water depths ranging from 100 to 3,000 meters.
Chevron operates in over 180 countries, focusing on energy solutions and renewable energy investments. Australia-based Woodside specialises in oil and gas exploration and production. At the same time, Tharwa Petroleum plays a crucial role in Egypt’s energy industry by partnering with global firms to enhance local production.
Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and CEO of QatarEnergy, highlighted the importance of this deal. He stated, “This agreement demonstrates our commitment to Egypt’s oil and gas sector and strengthens our partnership with Chevron.” He expressed excitement about drilling the first exploration well in the block and expected promising results. Al-Kaabi also thanked Egyptian authorities and project partners for their support and collaboration.
QatarEnergy’s strategy focuses on expanding its international oil and gas portfolio. The company sees the North El-Dabaa block as a critical area with significant oil and gas potential, which would bring opportunities for all involved stakeholders.
QatarEnergy expanded its activities in Egypt in May by acquiring two more offshore exploration blocks through a farm-in agreement with ExxonMobil. The company secured a stake in ExxonMobil’s North Marakia offshore block in a similar deal in March 2022.
QatarEnergy continues to grow its global energy presence while developing valuable oil and gas resources in critical regions. Its partnerships with Chevron, Woodside, and Tharwa Petroleum set the North El-Dabaa block as a significant development project for Egypt’s energy sector.
This acquisition boosts QatarEnergy’s position as a leading global energy company. Its portfolio covers exploration, production, and renewable energy. The company focuses on expanding its international reach while maintaining solid collaborations with major global energy players.
The North El-Dabaa block holds substantial potential for exploration, positioning the project to advance QatarEnergy’s regional goals and contribute to Egypt’s future oil and gas production. The collaboration among QatarEnergy, Chevron, and other partners aims to strengthen ties with Egypt’s energy industry and advance the development of key resources.