ExxonMobil has brought in QatarEnergy as its new partner in two exploration blocks off the coast of Egypt. QatarEnergy has acquired a 40% participating interest in the Cairo and Masry concession agreements, while ExxonMobil will retain the remaining 60% operated working interest in the exploration blocks. Covering an area of approximately 11,400 square km in water depths of 2,000 to 3,000 m, these two offshore exploration blocks were awarded to ExxonMobil in January 2023.
Commenting on the signing of the agreement, Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs, President and CEO of QatarEnergy, says: ‘I am pleased with our entry into the Cairo and Masry offshore exploration blocks as they expand QatarEnergy’s presence in the Arab Republic of Egypt and extend our ambitious exploration program in-country. We look forward to working with our valued long-term strategic partner ExxonMobil, as well as with the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian Ministry of Petroleum and Mineral Resources, in this promising and prospective region.’
