Doha: QatarEnergy has entered into an agreement with Shell to acquire a 27% participating interest in the North Cleopatra block offshore the Arab Republic of Egypt. Under the terms of the agreement, which is subject to approval by the Egyptian government, Shell will retain a 36% participating interest as operator. The other participating interest holders are Chevron with a 27% stake and Tharwa Petroleum Company holding a 10% stake.
According to Qatar News Agency, HE Minister of State for Energy Affairs, the President and CEO of QatarEnergy, Eng. Saad bin Sherida Al Kaabi, expressed satisfaction with securing the additional exploration acreage, which enhances QatarEnergy’s upstream exploration activities in Egypt. HE Minister Al Kaabi thanked the Egyptian Ministry of Petroleum and Mineral Resources and partners in the block for their support and cooperation, emphasizing the commitment to achieving exploration objectives together.
The North Cleopatra block is located offshore Egypt in the frontier Herodotus basin, adjacent to the North El-Dabaa block, where QatarEnergy holds a 23% participating interest. The North Cleopatra block spans over 3,400 square kilometers in water depths reaching up to 2,600 meters.