QatarEnergy has agreed with Shell to acquire a 27% participating interest in a block offshore Egypt from the oil and gas major. QatarEnergy has in recent years acquired stakes in oil and gas basins including in Guyana, Lebanon, Namibia and South Africa as part of a strategy to expand its global presence. It recently also acquired several exploration blocks offshore Egypt.
The agreement, still subject to Egypt’s approval, stipulated that Shell will retain a 36-percent participating interest as operator of the North Cleopatra block. Chevron also holds a 27% participating interest and Egyptian oil and gas firm Tharwa Petroleum Company holds 10%.
–Reuters–
