QatarEnergy entered an agreement with ExxonMobil to obtain a 40% working interest in an offshore exploration block in Egypt. The agreement is pending governmental customary approval.

According to the agreement, QatarEnergy will acquire 40% of the contractor’s stakes in the North Marakia Offshore Block, located in the Mediterranean Sea, while ExxonMobil will hold 60% stakes as the concession’s operator.

“This agreement represents an important new step in strengthening Qatar Energy’s presence in the field of exploration and exploration in the Arab Republic of Egypt, and in enhancing our international growth strategy,” Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, Managing Director and CEO of QatarEnergy, commented.

“We are pleased to sign this agreement and to work with our valued long-term partner ExxonMobil to explore exciting prospects in the promising region,” he added.