QatarEnergy acquires stake in Egyptian play

Egypt

CAIRO, March 30, 2022 – QatarEnergy has acquired a 40% interest in ExxonMobil’s North Marakia Offshore Block in Egypt’s Mediterranean Sea, the Qatari NOC announced on Tuesday.

ExxonMobil will remain as operator with a 60% stake.

The field was awarded to ExxonMobil by Egyptian Natural Gas Holding at the end of 2019. It covers 4,847 square kilometres with water depths reaching between 1,000 metres to 2,000 metres.

The deal is subject to government approval.

Major oil and gas players flocked to join Egypt’s attractive offshore exploration plays in 2021, including ExxonMobil, TotalEnergies, Shell and Chevron.

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