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AlwaysFree: QatarEnergy Enters Egypt’s Upstream Oil & Gas Sector

Author: SSESSMENTS

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%).

Tags: Africa,AlwaysFree,Crude Oil,Egypt,English,Gas,Middle East

Published on December 15, 2021 4:26 PM (GMT+8)
Last Updated on December 15, 2021 4:27 PM (GMT+8)