{"id":654986,"date":"2024-11-11T00:00:00","date_gmt":"2024-11-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/11\/qatar-energy-inks-agreement-to-acquire-23-of-mediterraneans-north-el-dabaa-block\/"},"modified":"2024-11-11T00:00:00","modified_gmt":"2024-11-11T00:00:00","slug":"qatar-energy-inks-agreement-to-acquire-23-of-mediterraneans-north-el-dabaa-block","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/11\/qatar-energy-inks-agreement-to-acquire-23-of-mediterraneans-north-el-dabaa-block\/","title":{"rendered":"Qatar Energy inks agreement to acquire 23% of Mediterranean\u2019s North El Dabaa block"},"content":{"rendered":"

Good morning folks<\/strong>, and welcome to day two of the work week<\/strong> \u2014 buckle in for a packed news day ahead.<\/p>\n

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THE BIG STORY TODAY<\/p>\n

Qatar Energy expands in Egypt with the acquisition of 23% of North El <\/strong>Dabaa block: <\/strong>Qatar Energy has inked an agreement with Chevron to acquire a 23% operational stake in the Mediterranean\u2019s North El Dabaa Block for an undisclosed sum, according to a company statement<\/a>. Chevron, the operator of the concession, will retain a 40% stake, while oil and gas developer Woodside and Egyptian state-owned Tharwa Petroleum will hold 27% and 10% stakes respectively. Qatar Energy and Chevron are also reportedly preparing to drill the first exploratory well in the block, Asharq Business<\/a> reports.<\/p>\n

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HAPPENING NOW<\/p>\n

President Abdel Fattah El Sisi landed in Riyadh for the Joint Arab-Islamic Summit<\/strong>, where leaders from the Arab League and the Organization of Islamic Cooperation are set to address the escalating conflicts in Gaza and Lebanon. On the sidelines of the summit, El Sisi met with Jordan\u2019s King Abdullah to discuss efforts to de-escalate tensions and push for an immediate ceasefire, according to an Ittihadiya statement<\/a>. Tune in to watch the livestream of the summit here<\/a>. <\/p>\n

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THE BIG STORY ABROAD<\/p>\n

COP29 kicks off in Baku as US and German political upheaval cloud the horizon: <\/strong>The UN\u2019s annual climate talks kicked off in Baku, Azerbaijan<\/a> this morning, with initial sessions cutting right to the chase \u2014 how much should rich countries contribute to help poorer nations adapt to climate change? While previous COPs have revolved around much the same questions, the recent collapse of Germany\u2019s governing coalition and president-elect Donald Trump\u2019s promises to pull the US out of the Paris Agreement have had an impact on this year\u2019s round \u2014 which is particularly important ahead of required new emissions targets for Paris Agreement signatories early next year. \u201cWe cannot leave Baku without a substantial outcome,\u201d UN Climate Secretary Simon Stiell told the Associated Press. \u201cNow is the time to show that global cooperation is not down for the count. It is rising to the moment.\u201d<\/p>\n

China\u2019s new USD 1.4 tn support package fails to boost investor sentiment:<\/strong> A USD 1.4 tn<\/a>debt package<\/a> unveiled by the Chinese government Friday did not get international markets\u2019 stamp of approval this morning, with Hong Kong\u2019s benchmark Hang Seng index \u2014 a gauge of foreign investors\u2019 attitudes toward China \u2014 ending the day down 1.5%<\/a>. The package, which is largely oriented around restructuring China\u2019s local government debt, fell short of investors\u2019 expectations, with many expecting broader stimulus measures like bank recapitalization and boosting consumption.<\/p>\n

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