Thursday 14 Nov

تعدين وطاقة

QatarEnergy buys 23% of North Dabaa gas field


QatarEnergy buys 23% of North Dabaa gas field

QatarEnergy has signed an agreement with Chevron to acquire a 23% stake in the North Dabaa (H4) offshore block in the Mediterranean Sea, off the coast of Egypt.

Under the agreement, QatarEnergy will acquire a 23% stake, while Chevron, as the operator of the concession area, will retain a 40% stake. Other partners in the concession are Woodside with a 27% stake and Egypt's state-owned Tharwa Petroleum with a 10% stake, according to a statement issued by QatarEnergy on Monday.

The announcement comes days after Minister of Petroleum Karim Badawy met with Chevron officials to discuss drilling an exploration well in the North Dabaa area.

Saad Sherida Al-Kaabi, QatarEnergy's Minister of State for Energy Affairs and CEO, expressed optimism about drilling the first exploration well and achieving positive results.

The concession area, located approximately 10 kilometers off the Egyptian coast, spans water depths ranging from 100 to 3,000 meters.