QatarEnergy has entered into an agreement with Chevron to acquire a 23% working interest in the concession agreement for the North El-Dabaa (H4) Block, in the Mediterranean Sea offshore Egypt.
Pursuant to the agreement, QatarEnergy will acquire a 23% interest, while Chevron (the operator) will retain a 40% interest. The other partners on the block are Woodside with a 27% interest and Tharwa Petroleum, an Egyptian state company, with a 10% interest.
Commenting on this occasion, HE the Minister of State for Energy Affairs, Saad bin Sherida al-Kaabi, also the President and CEO of QatarEnergy, said: “This agreement demonstrates our commitment to the oil and gas sector in the Arab Republic of Egypt, and further strengthens our partnership with our valued partner Chevron.”
He added: "We look forward to the drilling of the first exploration well on this block and to a successful and promising outcome. I would like to take this opportunity to thank the Egyptian authorities and our partners Chevron, Woodside, and Tharwa Petroleum for their support.”
The North El-Dabaa (H4) Block lies about 10 kilometres offshore the Egyptian Mediterranean shore at water depths ranging between 100 and 3,000 metres.
Business
QatarEnergy expands exploration footprint in Egypt
QatarEnergy in a deal with Chevron to acquire 23% working interest in concession agreement for North El-Dabaa offshore block
QatarEnergy is in a deal with Chevron to acquire 23% working interest in concession agreement for North El-Dabaa offshore block
