QatarEnergy Acquires 27% Stake in Egypt North Cleopatra Offshore Block Pending Approval

QatarEnergy has agreed to acquire a 27% stake in the North Cleopatra offshore exploration block in Egypt, further expanding its upstream presence in the Eastern Mediterranean. Shell will retain a 36% interest and remain the operator, while Chevron holds 27% and Egypt's Tharwa Petroleum Company owns 10%. The North Cleopatra block covers over 3,400 square kilometers in the frontier Herodotus Basin, with water depths reaching up to 2,600 meters, and lies adjacent to the North El-Dabaa block where QatarEnergy already holds a 23% interest. Saad Sherida Al-Kaabi, QatarEnergy's President and CEO and Qatari Minister of State for Energy Affairs, emphasized that this acquisition aligns with the company's strategy to grow its international exploration portfolio and expressed gratitude to the Egyptian authorities and partners. The deal is pending approval by the Egyptian government. This development highlights QatarEnergy's growing footprint in Egypt's energy sector, which is a key part of the country's economic development plan through 2030.