QatarEnergy Invests in Egypt's North El-Dabaa Offshore Block

QatarEnergy has secured a 23% stake in Egypt's North El-Dabaa (H4) offshore block, forming a significant partnership with Chevron Corporation. The agreement sees Chevron, a leading global oil and gas company, retaining its role as operator with a 40% stake. Woodside and Tharwa Petroleum will hold 27% and 10% stakes, respectively.

Located 10 kilometres off the Mediterranean coast of Egypt, the North El-Dabaa block boasts water depths ranging from 100 to 3,000 metres, presenting substantial potential for oil and gas exploration. Exploration and drilling activities are set to commence by late November 2024, utilising the Stena Forth drillship.

The CEO of QatarEnergy highlighted the partnership as a testament to the company's commitment to the Egyptian oil and gas sector and a strengthening of their relationship with Chevron. This investment aligns with the Egyptian government's ambitious plans to drill over 110 exploration wells in the next two years and an additional 586 wells by 2030.

QatarEnergy's investment in the North El-Dabaa block is part of their broader global exploration strategy. Earlier this year, the company secured a 40% stake in the Cairo and Masry blocks offshore Egypt, partnering with Exxon Mobil Corporation. They have also forged collaborations with TotalEnergies SE for an exploration project in the Orange Basin offshore Namibia and Chevron for Block 5 offshore Suriname.

This recent investment demonstrates QatarEnergy's commitment to expanding their global presence and supporting Egypt's efforts to unlock its offshore energy potential. As drilling activities begin in the coming months, the North El-Dabaa block is poised to play a significant role in the future of Egypt's oil and gas industry.