QatarEnergy has announced signing a farm-in agreement with ExxonMobil to acquire 40% participating interest in two exploration blocks offshore Egypt.

According to the agreement, QatarEnergy is set to acquire a 40% stake in both the Cairo and Masry Offshore Concession Agreements, pending approval from the Egyptian government. ExxonMobil will remain the operator with a 60% stake.

“I am pleased with our entry into the Cairo and Masry offshore exploration blocks as they expand QatarEnergy’s presence in the Arab Republic of Egypt and extend our ambitious exploration program in-country,” Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, commented on the signing.

“We look forward to working with our valued long-term strategic partner ExxonMobil, as well as with the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian Ministry of Petroleum and Mineral Resources, in this promising and prospective region. I would like to take this opportunity to thank the Egyptian authorities and our partners for their valuable support and cooperation,” Al-Kaabi said.

The Masry and Cairo blocks were awarded to ExxonMobil in January 2023. The two exploration blocks cover an area of around 11,400 square kilometers in water depths of 2,000 to 3,000 meters.