QatarEnergy and ExxonMobil acquire two offshore blocks in Egypt

14 May, 2024

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.” 


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