QatarEnergy secures 40% stake in 2 Egyptian concessions

QatarEnergy and ExxonMobil have forged an agreement that sees QatarEnergy securing a 40 per cent stake in two key exploration concessions off the Egyptian North coast, as per a QNA report on Sunday.

The agreement, subject to customary government approvals, marks a strategic partnership between the QatariEnergy giant and the American multinational oil company.

Under its terms, QatarEnergy will obtain a significant share in the exploration concession for both the Cairo and Masry blocks, while ExxonMobil will retain operational control with a 60 per cent stake.

“We are pleased to partner with Exxon Mobil in this venture, which promises to bolster QatarEnegy’s footprint in the Arab Republic of Egypt,” stated Minister Al-Kaabi. “This initiative further underscores our commitment to fostering global energy cooperation and sustainable development.”

This agreement comes as part of QatarEnergy’s broader strategy to expand its global reach and strengthen partnerships in key energy markets.

Notably, the exploration concessions were awarded to ExxonMobil in January 2023. Covering approximately 11,400 square kilometres in waters ranging from 2,000 to 3,000 metres deep, these regions hold significant promise for future energy production.