Post: QatarEnergy Acquires Stake in Egypt’s North El-Dabaa Block.

Qatar: 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, located in the Mediterranean Sea offshore Egypt. Under this agreement, QatarEnergy will take on a 23% interest, with Chevron, the operator, retaining a 40% interest. Other partners involved in the block are Woodside, holding a 27% interest, and Tharwa Petroleum Company, an Egyptian state company, with a 10% interest. According to Qatar News Agency, HE Minister of State for Energy Affairs, the President and CEO of QatarEnergy Eng. Saad bin Sherida Al Kaabi, emphasized the significance of this agreement, stating it showcases the company's commitment to the oil and gas sector in Egypt and reinforces its partnership with Chevron. Al Kaabi expressed anticipation for the drilling of the first exploration well on the block, hoping for a successful and promising outcome. He also extended gratitude to the Egyptian authorities and partners Chevron, Woodside, and Tharwa Petroleum for their cooperation. The North El-Dabaa (H4) Block is situated approximately 10 kilometers offshore the Egyptian Mediterranean coast, with water depths ranging from 100 to 3,000 meters.