QatarEnergy farms into ExxonMobil blocks in Egypt

Egypt

DOHA, May 13, 2024 – QatarEnergy has signed a farm-in agreement with ExxonMobil to acquire a 40% participating interest in two exploration blocks offshore Egypt, QatarEnergy announced on Sunday.

Under the agreement, QatarEnergy will take a 40% working interest in the Cairo and Masry offshore concessions, while operator ExxonMobil will retain the remaining 60%.

“I am pleased with our entry into the Cairo and Masry offshore exploration blocks as they expand QatarEnergy’s presence in the Arab Republic of Egypt and extend our ambitious exploration program in-country,” said Saad Sherida Al-Kaabi, president and CEO of QatarEnergy.

The Cairo and Masry offshore exploration blocks were awarded to ExxonMobil in January 2023 and cover an area of approximately 11,400 square kilometres in water depths between 2,000 and 3,000 metres.

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