QatarEnergy will enter Egypt’s upstream oil and gas sector through an agreement to acquire working interests in two offshore exploration blocks from Shell Exploration & Production (93) BV, a subsidiary of Royal Dutch Shell PLC.
Under the terms of the agreements, QatarEnergy will hold a 17% working interest in Red Sea Blocks 3 and 4. Shell will remain operator of both blocks.
Block 3 was awarded to Shell in late 2019 and covers an area of 3,097 sq km in water depths of 100-1,000 m. Block-4 was also awarded to Shell in late 2019 and covers an area of 3,084 sq km in water depths of 150-500 m.
Upon closing of the agreements, subject to customary approvals by the government of Egypt, working interests in the two blocks will be: Block 3: Shell (43%), BHP (30%), Tharwa Petroleum Co. (10%), and QatarEnergy (17%); Block 4: Shell (21%), Mubadala (27%), BHP (25%), Tharwa Petroleum Co. (10%), and QatarEnergy (17%).
Mikaila Adams | Managing Editor - News
Mikaila Adams has 20 years of experience as an editor, most of which has been centered on the oil and gas industry. She enjoyed 12 years focused on the business/finance side of the industry as an editor for Oil & Gas Journal's sister publication, Oil & Gas Financial Journal (OGFJ). After OGFJ ceased publication in 2017, she joined Oil & Gas Journal and was named Managing Editor - News in 2019. She holds a degree from Texas Tech University.
