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
-
Renewed flood intervention at Mallam Junction raises hopes among residents, businesses
32 minutes -
St Augustine’s College retain National Investment Quiz title after nail biting grand finale
41 minutes -
Education infrastructure investment will drive Banda’s development – Ahmed Ibrahim
49 minutes -
Teacher unions strike: Gov’t presents fresh proposals as talks end inconclusively
2 hours -
51,000 teachers’ promotion arrears to be validated for October payment – Education Minister
2 hours -
Kwabena Boamah appointed Board Chair for Impact Investing Ghana
2 hours -
Striking teacher unions to meet Fair Wages and Salaries Commission on October 6
2 hours -
EOCO working with AG to arraign Nana Baffour Awuah before weekend court
2 hours -
Duraplast reassures customers after fire, announces October 5 reopening
3 hours -
Call off strike, gov’t will not renege on promotion arrears pledge – Haruna Iddrisu appeals to teacher unions
3 hours -
Committee set up to validate teachers eligible for 20% deprived-area allowance – Education Minister
3 hours -
Five-member committee to search for new Black Stars coach after Sports Ministry-GFA meeting
3 hours -
Pinktober: Breast cancer survival exceeds 90% when detected early – Breast Society of Ghana
3 hours -
TCDA to adopt Upper West’s MATCO mango farm as northern prototype, issues warning against felling shea trees
4 hours -
‘Fear delegates’ tag: Afoko touts genuineness among delegates ahead of NPP delegates conference
4 hours