QatarEnergy has signed a deal to acquire working interests in two Egyptian offshore exploration blocks from Shell Exploration & Production BV. This agreement marks the company’s first foray into Egypt’s upstream oil and gas sector. Under the terms of the agreement, QatarEnergy will own a 17% working interest in Red Sea Blocks 3 and 4, while Shell will retain the operatorship of the two blocks.
Block 3 covers an area of 3,097 square kilometres in water depths of 100-1,000 metres. After the acquisition, the shareholders of Block 3 will be Shell (43%), BHP (30%), QatarEnergy (17%), and Tharwa Petroleum (10%). Meanwhile, Block 4 covers an area of 3,084 square kilometres in water depths of 150-500 metres. After the transaction, Block 4 shareholders will be Shell (21%), Mubadala (27%), BHP (25%), QatarEnergy (17%), and Tharwa Petroleum (10%).
