Audio By Carbonatix
QatarEnergy agreed with Shell to acquire a 27% participating interest in a block offshore Egypt from the oil and gas major, it said in a statement on Sunday.
QatarEnergy has in recent years acquired stakes in oil and gas basins, including in Guyana, Lebanon, Namibia and South Africa as part of a strategy to expand its global presence.
It recently also acquired several exploration blocks offshore Egypt.
The agreement, still subject to Egypt's approval, stipulated that Shell will retain a 36% participating interest as operator of the North Cleopatra block. Chevron also holds a 27% participating interest, and Egyptian oil and gas firm Tharwa Petroleum Company holds 10%.
The North Cleopatra block is located in the frontier Herodotus basin in the eastern Mediterranean Sea. It covers an area of over 3,400 square km (1,313 square miles) in water depths of up to 2,600 m (8,530 ft), QatarEnergy said.
Latest Stories
-
Don’t scrap OSP – Anti-corruption CSO demands review
3 hours -
GIS, EU vow closer security cooperation to boost northern border control
4 hours -
IGP leads major show of force with new armoured fleet
5 hours -
Two female prison officers killed in ghastly crash
5 hours -
Abolish or Reform? Abu Jinapor counsels sober reflection on debate over future of Special Prosecutor’s Office
7 hours -
2026 World Cup: Can Ghana navigate England, Croatia, and Panama in Group L?
7 hours -
NAIMOS task force arrests 9 Chinese illegal miners, destroys equipment at Dadieso
8 hours -
NAIMOS advances into Atiwa Forest, uncovers child labour, river diversion and heavy machinery
8 hours -
NAIMOS Task Force storms Fanteakwa South, dismantles galamsey operations
8 hours -
The Kissi Agyebeng Removal Bid: A Look at the Numbers
9 hours -
DVLA to roll out digitised accident reports, new number plates and 24-hour services
9 hours -
DVLA Workers’ Union opens 2025 Annual Residential Delegates Congress with call for excellence, equity and solidarity
10 hours -
Scholarships Secretariat sets December 8–9 interviews for Commonwealth Scholarship applicants
10 hours -
WASSCE decline reveals deep gaps, there’s need to overhaul education system – Franklin Cudjoe
11 hours -
JOY FM Drive Time host Lexis Bill leads fans up Aburi Mountain in energetic ‘Walk With Lexis’ fitness experience
11 hours