QatarEnergy buys Shell stake in offshore Egypt exploration block
QatarEnergy has reached an agreement with Shell to acquire a 27% participating interest in the North Cleopatra exploration block offshore Egypt, marking another expansion of the company’s upstream footprint in the Eastern Mediterranean.
Under the terms of the deal—subject to approval by the Egyptian government—Shell will retain a 36% interest and remain operator, with Chevron holding 27% and Tharwa Petroleum Company 10%. The block covers an area of more than 3,400 km² in the frontier Herodotus Basin, in water depths up to 2,600 meters.
QatarEnergy President and CEO Saad Sherida Al-Kaabi, who also serves as Qatar’s Minister of State for Energy Affairs, said the acquisition aligns with the company’s strategy to grow its international exploration portfolio. The North Cleopatra block lies north of the North El-Dabaa block, where QatarEnergy already holds a 23% interest.
