QatarEnergy has signed a deal with British Shell to acquire a 27% participating interest in the North Cleopatra block offshore Egypt. Accordingly, Shell will retain a 36% participating interest as operator. While other companies, US Chevron and Tharwa Petroleum Company, hold participating interests of 27% and 10% respectively.

“We are pleased to secure this additional exploration acreage, which further expands our upstream exploration activities in Egypt,” said Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, and President and CEO of QatarEnergy.

The North Cleopatra block is located offshore in the Herodotus basin and is north and adjacent to the North El-Dabaa block, where QatarEnergy holds a 23% participating Interest. The North Cleopatra block covers an area of over 3,400 square kilometers in water depths of up to 2,600 meters. It was awarded to shell Egypt in 2021 through a production and sharing agreement.

Egypt and Qatar concluded several agreements during the sixth meeting of the Egyptian Qatari Joint Higher Committee in August, signaling a fresh phase in deepening cooperation on economic, political, and social levels. Qatar also committed to channeling $7.5 billion in new investments, set to be implemented soon. These investments will cover a wide range of sectors, including energy, real estate, and tourism.