QatarEnergy acquires 27% participating interest in offshore Egypt block from Shell

DOHA: QatarEnergy agreed with Shell to acquire a 27% participating interest in a block offshore Egypt from the oil and gas major, it said in a statement on Sunday.

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% 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%.

The North Cleopatra block is located in the frontier Herodotus basin in the eastern Mediterranean Sea.

It covers an area of over 3,400 square km (1,313 square miles) in water depths of up to 2,600 m (8,530 ft), QatarEnergy said.