Doha: In a strategic move to expand its global energy footprint, QatarEnergy has finalized an agreement with Shell to acquire a 27% participating interest in the North Cleopatra offshore block in Egypt, the company announced on Sunday. This acquisition highlights QatarEnergy’s continuing efforts to diversify its international oil and gas investments and strengthen its presence in the Eastern Mediterranean.
The North Cleopatra block, situated in the frontier Herodotus basin, spans over 3,400 square kilometers in the eastern Mediterranean Sea, with water depths reaching up to 2,600 meters. Shell, the operator, retains a 36% stake, while Chevron holds an equal 27% interest. The remaining 10% belongs to Tharwa Petroleum Company, an Egyptian state-owned firm. The deal is still subject to regulatory approval from the Egyptian government.
QatarEnergy’s recent acquisitions in countries including Guyana, Lebanon, Namibia, and South Africa reflect a strategic vision to secure stakes in promising energy basins worldwide. This expansion into Egypt’s offshore sector represents a continuation of that vision, with the company aiming to leverage advanced exploration technologies and partnerships to optimize hydrocarbon potential in the region.
The collaboration is expected to bolster Egypt’s energy sector, attracting further foreign investment and enhancing the country’s position as a regional energy hub. Industry observers note that the integration of QatarEnergy into the North Cleopatra block could pave the way for new discoveries and increased production capabilities, reshaping the dynamics of offshore energy exploration in the eastern Mediterranean.