Egypt : Qatar Energy acquires 40% of exploration area in Egypt

  • 30 March 2022 / News / 53 / Fares RAHAHLIA


Egypt : Qatar Energy acquires 40% of exploration area in Egypt
CAIRO - 29 March 2022: Qatar Energy Company signed, Tuesday, an agreement with ExxonMobil, according to which it will acquire a stake in an offshore exploration area off the coast of the Arab Republic of Egypt.
 
According to a statement by the Qatari company, under the agreement, which is subject to the approval of the competent Egyptian government agencies, Qatar Energy will acquire 40 percent of the North Maraca marine area in the Mediterranean, while ExxonMobil (the operator) will own the remaining 60 percent stake.
 
"This agreement represents an important new step in strengthening Qatar Energy's presence in the field of exploration and exploration in the Arab Republic of Egypt, and in enhancing our international growth strategy,” Saad Al Kaabi, Minister of State for Energy Affairs, Managing Director and CEO of Qatar Energy, said.
 
He added that his company is happy to sign this agreement and to work with its partner ExxonMobil to explore the prospects of this promising region. 
 
“We are also pleased to have this opportunity to work with the Egyptian Natural Gas Holding Company (EGAS) and with the Egyptian Ministry of Petroleum and Mineral Resources, and I would like to take this opportunity to thank the Egyptian authorities and all our partners for their valuable support and cooperation,” he added.
 
ExxonMobil had obtained in 2020 the rights to explore and explore in the North Marakia offshore area, which covers an area of ​​4,847 square kilometers in waters ranging in depths ranging from one thousand to two thousand meters.

source: egypttoday