QatarEnergy has finalized an agreement with Chevron to acquire a 23% working interest in the North El-Dabaa (H4) offshore block, a significant step in expanding its exploration activities in Egypt. The deal underscores Egypt’s growing importance as a key energy hub in the Eastern Mediterranean.
As part of the agreement, Chevron, which serves as the operator of the block, will retain a 40% interest. Australian energy company Woodside will hold 27%, while Egypt’s state-owned Tharwa Petroleum will own the remaining 10%.
The North El-Dabaa Block, located about 10 kilometers offshore from Egypt’s Mediterranean coast, lies in waters ranging from 100 to 3,000 meters deep. The block is situated in an area that has attracted significant interest due to recent major natural gas discoveries, boosting its potential for future exploration and production.
Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and CEO of QatarEnergy, emphasized the importance of the agreement, stating, “This partnership strengthens our commitment to the oil and gas sector in Egypt and further solidifies our longstanding collaboration with Chevron.”
This move highlights QatarEnergy’s strategic focus on expanding its presence in the Eastern Mediterranean, where energy exploration is becoming increasingly pivotal amid growing regional demand and new discoveries.
