QatarEnergy to acquire two new exploration blocks offshore Egypt

QatarEnergy has signed a farm-in agreement with ExxonMobil to acquire a 40% participating interest in two exploration blocks offshore Egypt.

Under the terms of the agreement, which is subject to customary approvals by the government of Egypt, QatarEnergy will acquire a 40% working interest in each of the “Cairo” and “Masry” Offshore Concession Agreements, while ExxonMobil (the Operator) will retain the remaining 60% working interest.

The Cairo and Masry offshore exploration blocks were awarded to ExxonMobil in January 2023 and cover an area of approximately 11,400 square kilometers in water depths of 2,000 to 3,000 meters.