QatarEnergy has acquired 27% of the North Cleopatra block, located in deep waters of the Mediterranean Sea off Egypt, thus strengthening its presence in the region. The operation was carried out through an agreement with Shell, which will continue as operator of the block with a 36% stake. Chevron and Tharwa Petroleum complete the consortium with 27% and 10%, respectively.
Energy potential of the North Cleopatra block
This movement represents a significant expansion of upstream upstream activities QatarEnergy’s upstream activities in Egypt, where it already has a 23% stake in the neighboring El Dabaa North block. The area of the new block covers more than 3400 square kilometers and reaches depths of up to 2600 meters in the Herodotus Basin.
For his part, Qatar’s Minister of State for Energy Affairs and CEO of QatarEnergy, Saad Sherida Al-Kaabi, expressed his satisfaction with the signing of the agreement, highlighting the cooperation with the Egyptian authorities and the project’s international partners.
Strategic interest in the Herodotus Basin
The North Cleopatra block is part of the frontier Herodotus basin, an area with energy potential that has attracted the interest of major global operators. This acquisition reinforces QatarEnergy’s commitment to developing new resources in areas with high geological potential.
Egypt continues to consolidate its position as an energy hub in the Eastern Mediterranean, promoting foreign investment in hydrocarbon exploration and production. hydrocarbon exploration and production. The Ministry of Petroleum and Mineral Resources has actively supported agreements such as this one, which strengthen partnerships with global players such as Shell, Chevron and QatarEnergy.
Block split: Shell, Chevron and Tharwa
With the closing of the agreement, the distribution of interests in the block is as follows: Shell (36%) maintains its role as operator, QatarEnergy (27%)QatarEnergy (27%) joins as a key partner, Chevron retains the remaining 27% and Egypt’s Tharwa Petroleum retains 10%. This structure reflects a collaborative strategy with shared technical expertise and investment.
The advancement of these blocks will contribute not only to diversifying QatarEnergy’s energy portfolio, but also to boosting future production potential in the Egyptian Mediterranean region.
A further step in QatarEnergy’s international expansion
This acquisition adds to a series of moves by QatarEnergy to strengthen its presence in high-value offshore areas. In addition to the El Dabaa North block, the company has been expanding its portfolio in other strategic regions, in line with its vision of global expansion in the energy sector.
The North Cleopatra project represents a firm step towards harnessing new energy resources in Egypt, with government backing and the participation of leading offshore exploration companies.
Source: QatarEnergy
Photo: Shutterstock
