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QatarEnergy to snap up stakes in two offshore exploration blocks: Qatari state-owned oil and gas company QatarEnergy is set to acquire a 40% working interest in ExxonMobil’s Cairo and Masry offshore concessions under a farm-in agreement inked by the two parties, the company said yesterday. ExxonMobil will retain the remaining 60% of the two concessions.
What’s next? The agreement is subject to customary approvals by the Madbouly government, the statement reads.
About the blocks: The Cairo and Masry offshore exploration blocks were awarded to ExxonMobil in January 2023. Located in the outer Nile Delta, the two blocks span approximately 11.4 sq kms.
Exploration to begin this year? It was reported back in February that ExxonMobil would beginexploring for gas in the two concessions this year. Last year, it was reported that Exxon will invest USD 200 mn to explore for oil and gas in the two wells.
QatarEnergy and Exxon are already in business together here: ExxonMobil owns 60% of the Mediterranean’s North Marakia offshore concession, while QatarEnergy holds the remaining 40%.
