QatarEnergy acquires stake in another Egyptian play

QatarEnergy has acquired a 33% stake in the EGY-MED-E8 offshore oil and gas exploration concession in Egypt, the Qatari NOC announced on Wednesday.

The 2,600-square-metre block in the East Port Said area of the Mediterranean Sea lies in water depths of up to 800 metres.

Eni operates the field with a 34% stake in the block alongside BP with the remaining 33% stake.

“We are delighted to be awarded the East Port Said block, which further expands our presence in the Arab Republic of Egypt,” said Saad Sherida Al Kaabi, Minister of State for Energy Affairs and president and CEO of QatarEnergy.

“We look forward to collaborating with the Ministry of Petroleum and Natural Resources, EGAS, and our partners ENI and BP to progress our exploration endeavours.”

QatarEnergy now holds shares in four offshore exploration blocks, including interests in Block 3 and Block 4 in the Red Sea, and the North Marakia block in the Mediterranean Sea.

In September 2023, Egypt launched a new bid round with 27 onshore and offshore licences on offer.

In July 2023, the African country initiated a USD 1.8-billion drilling campaign in the Mediterranean Sea and Nile Delta consisting of 35 wells that is expected to be complete before the end of the 2024/25 financial year.