{"id":553940,"date":"2021-12-14T03:57:05","date_gmt":"2021-12-14T03:57:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/qatar-energy-snags-17-stake-in-shells-red-sea-blocks\/"},"modified":"2021-12-14T03:57:05","modified_gmt":"2021-12-14T03:57:05","slug":"qatar-energy-snags-17-stake-in-shells-red-sea-blocks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/qatar-energy-snags-17-stake-in-shells-red-sea-blocks\/","title":{"rendered":"Qatar Energy snags 17% stake in Shell\u2019s Red Sea blocks"},"content":{"rendered":"

<\/a> Qatar Energy is set to acquire a 17% stake in two Shell-operated oil and gas <\/strong>exploration blocks in the Red Sea<\/strong>, the oil supermajor announced yesterday in a statement<\/a>. The agreement, which is subject to government and regulatory approval, signals the first entry by the Qatari energy giant into Egypt\u2019s upstream oil and gas sector.<\/p>\n

The details:<\/strong> Upon closing of the agreements, Shell will hold 43% of block three, Qatar Energy will hold 17%, BHP will hold 30%, while Egypt\u2019s Tharwa Petroleum will hold 10%. At block four, Abu Dhabi\u2019s Mubadala will hold 27%, Shell will hold 21%, BHP will hold 25%, QatarEnergy will hold 17%, and Tharwa will hold 10%.<\/p>\n

What\u2019s next? <\/strong>The agreement is still subject to customary approvals from the Madbouly government and is expected to be concluded within the next few months, Shell told Enterprise.<\/p>\n

The agreement comes a few months after the company <\/strong>sold its onshore oil and gas assets<\/a><\/strong> in the Western Desert<\/strong> to Cheiron Petroleum and Cairn Energy as it shifts its focus more towards offshore gas. Thirteen onshore concessions were acquired by the two companies in a transaction that could be worth up to USD 926 mn.<\/p>\n

Don\u2019t take this as a sign that Shell is farming out of Egypt: <\/strong>The Dutch company has no plans to exit the Egyptian market and will remain the main operator of blocks three and four, Shell Communications Manager Sherine Nehad told Enterprise. \u201cBringing a partner into our concessions is part of our global exploration strategy and a common industry practice to share costs and expertise,\u201d she said.<\/p>\n

This isn\u2019t the first time Shell has diluted its interest in the blocks:<\/strong> Having owned 90% of both blocks when it was awarded exploration rights in a 2019 bid round, Shell has sold shares to several companies this year, trimming its ownership substantially in both blocks. Agreements with A<\/a>bu Dhabi\u2019s Mubadala Petroleum (pdf)<\/a> and BHP Petroleum (which is still waiting on regulatory approval) reduced its holdings in Block 3 to 60% and Block 4 to 38%.<\/p>\n

Shell\u2019s upcoming plans for <\/strong>the Red Sea blocks<\/strong>:<\/strong> The energy giant\u2019s exploration program covers an initial three-year term, and consists of a seismic acquisition program in block four and geological studies in block three. The company expects to conduct a 3D seismic survey in 1Q2022 and they have a drilling program planned for 2022 and 2023, Shell told Enterprise.<\/p>\n

Proof we\u2019re turning over a new leaf with Qatar?<\/strong> The acquisition signals the strengthening of Egypt-Qatari ties, after the two countries re-established diplomatic ties<\/a> earlier this year. Qatar\u2019s Energy Affairs Minister and Qatar Energy CEO Saad Sherida Al Kaabbi thanking the Egyptian authorities for \u201ctheir valuable support and cooperation\u201d in a statement<\/a>.<\/p>\n

Qatari entities have limited involvement in Egypt\u2019s strategic energy sector<\/strong>, and until now have been largely confined to Qatar Energy\u2019s minority ownership of Qalaa Holdings\u2019 Egyptian Refining Company and the Qatar Investment Authority\u2019s indirect stake<\/a> in the Zohr gas field via its holdings in Russian petroleum company Rosneft.<\/p>\n","protected":false},"excerpt":{"rendered":"

Qatar Energy is set to acquire a 17% stake in two Shell-operated oil and gas exploration blocks in the Red Sea, the oil supermajor announced yesterday in a statement. The agreement, which is subject to government and regulatory approval, signals the first entry by the Qatari energy giant into Egypt\u2019s upstream oil and gas sector. […]<\/p>\n","protected":false},"author":1,"featured_media":553941,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[93,72,1553,296,594],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-enterpriseam","tag-mubadala","tag-qatar","tag-shell","wpautop","entry"],"acf":{"mongo_id":"21557235-81fb-4649-afcd-e813ed5dd7d8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/331.jpg","photo_position":"above","related_issue":[553935],"teaser":"","voice_url":""},"yoast_head":"\nQatar Energy snags 17% stake in Shell\u2019s Red Sea blocks - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/qatar-energy-snags-17-stake-in-shells-red-sea-blocks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Qatar Energy snags 17% stake in Shell\u2019s Red Sea blocks\" \/>\n<meta property=\"og:description\" content=\"Qatar Energy is set to acquire a 17% stake in two Shell-operated oil and gas exploration blocks in the Red Sea, the oil supermajor announced yesterday in a statement. 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One block went to Chevron,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559611,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/27\/a-nice-present-for-valentines-day\/","url_meta":{"origin":553940,"position":4},"title":"A nice present for Valentine\u2019s Day","author":"enterpriseam admin","date":"27 January 2021","format":false,"excerpt":"The first test shipment out of Damietta\u2019s LNG plant will be sent out on 14 February as Italy\u2019s Eni takes over the plant\u2019s operations from Spain\u2019s Naturgy under the terms of an agreement between the two companies and the Egyptian government, S&P Global reports. Under the new agreement, Eni will\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569473,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/25\/ganope-to-kick-off-plan-to-explore-for-natgas-in-upper-egypt-next-month\/","url_meta":{"origin":553940,"position":5},"title":"Ganope to kick off plan to explore for natgas in Upper Egypt next month","author":"enterpriseam admin","date":"25 February 2020","format":false,"excerpt":"State-owned South Valley Egyptian Petroleum Holding Company (Ganope) will begin next month conducting seismic scans in Upper Egypt, where it plans to explore for natural gas, according to an Oil Ministry statement. Ganope will also soon begin the second round of seismic scans in the Red Sea to gauge the\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=553940"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553940\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/553935"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/553941"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=553940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=553940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=553940"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=553940"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=553940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}