QatarEnergy Acquires 23% Stake in Egypt's H4 Block

QatarEnergy has secured a 23% working interest in the North El-Dabaa (H4) offshore block in Egypt, acquiring this stake from Chevron, which will retain a 40% interest as the operator. The deal, announced on November 11, reflects QatarEnergy's strategy to expand its global presence in the oil and gas sector, having previously acquired interests in various countries. The H4 Block is situated approximately 10 kilometers off the Egyptian Mediterranean coast, with water depths ranging from 100 to 3,000 meters. Other partners in the exploration block include Woodside with 27% and the Egyptian state-owned Tharwa Petroleum Company with 10%. Saad Al-Kaabi, QatarEnergy's CEO, expressed optimism about the future drilling prospects and thanked the Egyptian authorities and partners for their support. This agreement follows QatarEnergy's recent acquisitions in Egypt, including a stake in two exploration blocks with ExxonMobil and another awarded by EGAS in October 2023.