QatarEnergy has secured a 27% participating interest in the North Cleopatra Block offshore Egypt. The agreement comes through a deal with Shell. Under the arrangement, Shell will continue as operator with a 36% stake. Chevron holds a 27% interest, while Tharwa Petroleum Company retains 10%.
Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, welcomed the deal. He stated that the acquisition strengthens QatarEnergy’s upstream exploration activities in Egypt. He also expressed gratitude to the Egyptian Ministry of Petroleum and Mineral Resources and all partners for their support.
The North Cleopatra Block lies in the Herodotus Basin, a frontier region offshore Egypt. It sits north and adjacent to the North El-Dabaa Block, where QatarEnergy holds a 23% participating interest. Covering over 3,400 square kilometers, the area reaches water depths of up to 2,600 meters.
Furthermore, QatarEnergy aims to explore and develop the block efficiently while maintaining strong cooperation with partners. The company plans to apply advanced technologies to optimize exploration and potential production. By doing so, QatarEnergy expects to achieve strategic growth in Egypt’s upstream sector.
In addition, this move complements QatarEnergy’s broader strategy to expand its presence in promising frontier basins. The North Cleopatra Block offers potential for significant hydrocarbon discoveries. Consequently, QatarEnergy will leverage expertise and regional partnerships to maximize results.
The company also emphasized the importance of collaboration with other stakeholders. Regular technical and operational discussions will ensure all objectives meet safety and efficiency standards. QatarEnergy intends to conduct systematic exploration campaigns while observing environmental and regulatory requirements.
Moreover, QatarEnergy’s participation aligns with Egypt’s goal to develop its offshore resources. By investing in the North Cleopatra Block, the company contributes to national energy security. This partnership strengthens regional cooperation in the oil and gas sector.
As QatarEnergy progresses, it will continue assessing exploration data and planning drilling campaigns. The company aims to identify commercial reserves and integrate them into Egypt’s energy network. Through this initiative, QatarEnergy reinforces its role as a leading upstream operator in the region.
Finally, the North Cleopatra Block acquisition demonstrates QatarEnergy’s commitment to long-term growth in Egypt. By combining technical expertise with strategic partnerships, the company positions itself for successful exploration and future production.
