QatarEnergy, a state-owned energy company, and US oil and gas giant ExxonMobil have signed a framework agreement to acquire two offshore exploration sites off Egypt’s coast.
According to a statement published on Sunday, QatarEnergy will own a 40% stake in the Masry and Cairo concessions off the north coast of Egypt. ExxonMobil will keep a 60% working interest following the agreement’s closure, which is subject to approval by the Egyptian Government.
Saad Sherida Al-Kaabi, Qatari Minister of State for Energy Affairs and the president and CEO of QatarEnergy, said in a statement: “I am pleased with our entry into the Cairo and Masry offshore exploration blocks as they expand QatarEnergy’s presence in the Arab Republic of Egypt and extend our ambitious exploration program in-country.”
QatarEnergy said the concession agreements cover around 11,400km² in water depths of 2–3km. Egypt awarded the blocks to ExxonMobil in January 2023 and initially planned to own the blocks’ 100% working interest.
Al-Kaabi added: “We look forward to working with our valued long-term strategic partner ExxonMobil, as well as with the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian Ministry of Petroleum and Mineral Resources, in this promising and prospective region.”