Cairo – Mubasher: QatarEnergy signed an agreement with ExxonMobil to acquire 40% ownership in two offshore exploration blocks in Egypt.

QatarEnergy will take on a 40% stake in the Cairo and Masry offshore concession agreements, while ExxonMobil will retain 60% ownership as the operator, according to a press release.

The agreement is pending approval from the Egyptian government.

Saad Sherida Al Kaabi, Minister of State for Energy Affairs, President and CEO of QatarEnergy, said: “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 programme in-country.”

“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,” Al Kaabi added.

The Cairo and Masry offshore exploration blocks, awarded to ExxonMobil in January 2023, encompass an area of roughly 11,400 square kilometres.

Situated in water depths ranging from 2,000 to 3,000 metres, these blocks represent significant potential for exploration and development activities.

In April 2024, an official statement revealed that the Egyptian government is in talks with the UAE’s Emirate of Fujairah and Brooge Petroleum and Gas Investment Company (BPGIC) to build a free zone for the production of oil and oil derivatives.