Oil & Gas DECODED
Previous edition: 14 May 2024
Share article
Get the full version straight to your inbox.
Exclusive access to our best-in-class data & intelligence
Subscribe now
QatarEnergy and ExxonMobil acquire two offshore blocks in Egypt
QatarEnergy will own 40% and ExxonMobil the remaining 60% stake in the Masry and Cairo concessions off Egypt's north coast.
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.”
QatarEnergy has expanded its exploration activities in Egypt following a new deal, bringing the total number of offshore exploration areas to six. These include areas three and four in the Red Sea, the North Marakia area in the Mediterranean, and the Cairo and Masry offshore areas, the Middle East Monitor reported, highlighting the significant growth of QatarEnergy's regional operations.
ExxonMobil was awarded the North Marakia offshore block in 2020. The block spans 4,847km² and is located in water depths ranging from 1–2km. In 2022, QatarEnergy purchased a 40% stake in the block, while ExxonMobil owns the remaining 60%.
Latest news
UK MoD: Russia-Ukraine war a factor in Gazprom's massive 2023 loss
Gazprom's 2023 net results reported a loss of nearly $7bn in a blow to both the company and Russia's war economy.
Petrobras records 38% drop in profits in Q1 2024 due to reduced sales
In its financial results published on Monday, Petrobras recorded a net recurring profit of 23.9bn reais ($4.63bn) in the quarter ending in March.
Eni reportedly considering spinning off stakes in oil and gas projects
The move is part of the company’s strategy to finance development while shifting more capital towards low-carbon initiatives.
TechnipFMC secures iEPCI contract from Woodside Energy
The contract is for the Xena Phase 3 development to support ongoing production from the Pluto liquefied natural gas (LNG) project in Australia.
Mubadala Energy confirms second gas discovery offshore North Sumatra
Drilled to a depth of 3,400m in 1,200m of water, the Tangkulo-1 well encountered an 80m gas column within an Oligocene sandstone reservoir.
GeoPark to acquire interests in four blocks in Argentina
The acquisition comprises stakes in the Mata Mora Norte, Mata Mora Sur, Confluencia Norte and Confluencia Sur.
In our previous edition
Oil & Gas Decoded
Fossil fuels generated less than a quarter of EU's electricity for first time in April
13 May 2024
Oil & Gas Decoded
Paraguay pushes for $1.5bn gas pipeline with Argentina and Brazil
10 May 2024
Oil & Gas Decoded
Oil and gas firms turning to digital twins for generating actionable insights
09 May 2024
Newsletters in other sectors
Aerospace, Defence & Security
Banking & Payments
Construction
Foodservice
Medical Devices
Travel and Tourism
Search companies, themes, reports, as well as actionable data & insights spanning 22 global industries
Access more premium companies when you subscribe to Explorer