QatarEnergy has further expanded its global footprint by acquiring a 23% stake in the H4 block offshore Egypt from Chevron.
QatarEnergy has signed an agreement to buy a 23% working interest in a concession agreement offshore Egypt from the block’s operator Chevron , the state firm of Qatar said on Monday. QatarEnergy will acquire 23% of the North El-Dabaa H4 Block in the Mediterranean from Chevron , which will retain a 40% interest in the concession. The other partners on the block are Woodside with a 27% interest and Tharwa Petroleum Company, an Egypt ian state company, with a 10% interest.
In Egypt, where Western companies including Chevron plan more investments, QatarEnergy signed earlier this year a farm-in agreement with ExxonMobil to acquire a 40% participating interest in two exploration blocks offshore Egypt, while Exxon as operator will retain the remaining 60% working interest. The Qatari company is also boosting its presence in exploration hotspots such as Namibia, South Africa, and Suriname.
Chevron Egypt Offshore Exploration Natural Gas Oil Energy Investment Global Energy Energy Security
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