QatarEnergy acquires 23% interest in Egypt’s North El-Dabaa block
Updated 11/11/2024 10:04:00 AM
Arab Finance: QatarEnergy has signed an agreement with Chevron to acquire a 23% stake in the North El-Dabaa (H4) block, located in Egypt’s Mediterranean Sea, according to a press release.
Under the agreement, Chevron, which operates the concession, will retain a 40% stake in the block, while other partners, namely Woodside Energy and state-owned Tharwa Petroleum Co will hold 27% and 10% interests, respectively.
Although the value of the transaction has not been disclosed, the announcement follows recent talks between Egyptian Minister of Petroleum and Mineral Resources Karim Badawi and Chevron officials.
"We look forward to the drilling of the first exploration well on this block and to a successful and promising outcome,” Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said.
The North Dabaa (H4) lock is located approximately 10 kilometers offshore Egypt’s Mediterranean, with water depths ranging between 100 to 3,000 meters.
Related News
