QatarEnergy has entered into an agreement with Chevron to acquire a 23 per cent working interest in the concession agreement for the North El-Dabaa (H4) Block, in the Mediterranean Sea offshore Egypt.

 

Pursuant to the agreement, QatarEnergy will acquire a 23 per cent interest, while Chevron (the operator) will retain a 40 per cent interest. The other partners on the block are Woodside with a 27 per cent interest and Tharwa Petroleum Company, an Egyptian state company, with a 10 per cent interest.

 

Saad Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: “This agreement demonstrates our commitment to the oil and gas sector in the Arab Republic of Egypt, and further strengthens our partnership with our valued partner Chevron.”

 

Minister Al-Kaabi added: "We look forward to the drilling of the first exploration well on this block and to a successful and promising outcome. I would like to take this opportunity to thank the Egyptian authorities and our partners Chevron, Woodside, and Tharwa Petroleum for their support.”

 

The North El-Dabaa (H4) Block lies about 10 kilometers offshore the Egyptian Mediterranean shore at water depths ranging between 100 and 3,000 meters. -TradeArabia News Service