Arab Finance: QatarEnergy has acquired a 40% interest in two offshore natural gas exploration blocks in Egypt from ExxonMobil as per an agreement signed by both sides on May 12th, according to a statement.

As per the statement, QatarEnergy will acquire 40% of the offshore concession agreement on the Cairo and Masry blocks, with the operator, ExxonMobil, keeping the remaining 60% interest.

In February, ExxonMobil revealed plans to drill its first exploratory well in Egypt next October, in search of natural gas at the North Marakia concession area on the Mediterranean, with the initial investment cost estimated at $100 million.