DOHA: QatarEnergy has entered into an agreement with Chevron to acquire a 23% working interest in the concession agreement for the North El-Dabaa (H4) Block, in the Mediterranean Sea offshore Egypt.
Pursuant to the agreement, QatarEnergy will acquire a 23% interest, while Chevron (the operator) will retain a 40% interest. The other partners on the block are Woodside with a 27% interest and Tharwa Petroleum Company, an Egyptian state company, with a 10% interest.
Commenting on this occasion, Minister of State for Energy Affairs, the President and CEO of QatarEnergy HE Eng Saad bin Sherida Al Kaabi said: "This agreement demonstrates our commitment to the oil and gas sector in the Arab Republic of Egypt, and further strengthens our partnership with our valued partner Chevron."
Minister Al Kaabi added: "We look forward to drilling the first exploration well on this block and to a successful and promising outcome. I would like to take this opportunity to thank the Egyptian authorities and our partners Chevron, Woodside, and Tharwa Petroleum for their support." The North El-Dabaa (H4) Block lies about 10km offshore the Egyptian Mediterranean shore at water depths ranging between 100 and 3,000 meters.
