QatarEnergy to Acquire Stake in Egyptian Offshore Block from Chevron

SEATTLE (Oil Monster):  A deal has been reached between QatarEnergy and Chevron to purchase a portion of the North El-Dabaa (H4) Block, which is situated offshore Egypt. In keeping with its objective to expand its worldwide portfolio, the agreement will assist QatarEnergy in solidifying its position in the oil and gas industry in the Eastern Mediterranean.

The block is situated roughly ten kilometers off the Mediterranean coast of Egypt. There are encouraging prospects for finding significant hydrocarbon resources at the deep-water location. The block's growth will hasten Egypt's endeavors to become the region's energy center.

According to the agreement, Chevron, the block's operator, would keep 40% of the concession, while QatarEnergy will take on a 23% stake. The project's remaining partners are Tharwa Petroleum Company, located in Egypt, with a 10% stake, and Woodside, based in Australia, with a 27% interest.

His Excellency Mr. Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and CEO of QatarEnergy termed the agreement as a testament to the company’s commitment to supporting Egypt’s oil and gas sector. He added that it further solidifies its alliance with Chevron.