Oil & Gas

QatarEnergy has announced its acquisition of a 23% stake in an offshore exploration block in Egyptian waters, marking another key move in the company's strategy to expand its global presence. The stake, which was purchased from Chevron, is in the North El-Dabaa (H4) block located in the Mediterranean Sea, about 10 kilometers offshore. With this deal, QatarEnergy strengthens its foothold in Egypt's oil and gas sector, further diversifying its investments across the globe.

Chevron, which has been a partner in the concession, will retain a 40% share in the block following the transaction. The North El-Dabaa block, which lies in water depths ranging from 100 meters to 3,000 meters, is co-owned by several other stakeholders, including Woodside with a 27% share and Egyptian state-owned Tharwa Petroleum Company, which holds 10%. The deal underscores QatarEnergy's growing influence in the global energy market and its commitment to expanding its portfolio in key oil and gas regions.

This acquisition is part of QatarEnergy’s broader strategy to secure stakes in key oil and gas basins worldwide. In recent years, the company has also acquired interests in major projects in Guyana, Lebanon, Namibia, and South Africa. These investments reflect QatarEnergy’s goal to diversify its holdings and enhance its position as a leading energy player on the international stage. The company has been focusing on securing assets that offer long-term value and strategic importance.

QatarEnergy’s CEO, Saad al-Kaabi, emphasized that the agreement highlights the company’s commitment to the oil and gas sector in Egypt and strengthens its partnership with Chevron. As Qatar’s state minister for energy, al-Kaabi expressed confidence that the new stake in the North El-Dabaa block would contribute to both the country’s energy goals and its growing influence in the global energy landscape. The deal also reflects QatarEnergy’s broader efforts to play a more prominent role in shaping the future of global energy markets.