Egypt Daily News – Qatar Energy signed an agreement with Chevron, under which it acquired a 23% stake in the concession agreement for the North Dabaa offshore area (H4) in the Mediterranean Sea off the coast of Egypt.
Under the agreement, operator Chevron will retain a 40% stake, while Woodside will each hold a 27% stake, and Tharwa Petroleum Company, an Egyptian government company, will each hold a 10% stake.
Engineer Saad bin Sherida Al-Kaabi, Minister of State for Energy Affairs, Managing Director and CEO of Qatar Energy, said: “This agreement confirms our commitment to the oil and gas sector in the Arab Republic of Egypt, and also strengthens our relationship with our strategic partner Chevron.”
He added, “We look forward to starting the drilling work of the first exploratory well in this area, and to achieving successful and promising results.”
The North Dabaa Marine Area (H4) is located about 10 kilometers off the Egyptian coast on the Mediterranean Sea, in water depths ranging between 100 and 3,000 meters.
