QatarEnergy Buys Into ExxonMobil's North Marakia Offshore Block in Egypt

Credit: QatarEnergi

Qatari national oil and gas company, QatarEnergy, has agreed with ExxonMobil to acquire a working interest in an exploration block offshore Egypt.

QatarEnergy will hold a 40% working interest in the contractor’s share in the North Marakia Offshore Block in the Mediterranean Sea. ExxonMobil, which is the oerator of the block, will hold the remaining 60% working interest. No fetails were shared on the terms of the acquisition.

Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: “This agreement represents another important step in establishing QatarEnergy’s presence in the Arab Republic of Egypt’s upstream oil and gas sector, and in implementing our international growth strategy.”

 Al-Kaabi added, “We are pleased to sign this agreement and to work with our valued long-term partner ExxonMobil to explore exciting prospects in this promising region. We are also delighted to have the opportunity to work with EGAS and the Egyptian Ministry of Petroleum and Mineral Resources and I would like to take this opportunity to thank the Egyptian authorities and our partners for their valuable support and cooperation.”

North Marakia Offshore was awarded to ExxonMobil in 2020 and covers an area of 4,847 km2 in water depths of 1,000 m to 2,000 m.