The agreement, recently approved by the government of Egypt, grants QatarEnergy a 40% stake in the offshore concession, with Eni (the Operator) retaining the remaining 60% interest.
Commenting on this agreement, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: 'We are pleased with our new position in the North Rafah offshore block, which further strengthens our presence in Egypt and marks another important step in advancing our ambitious international exploration strategy.'
His Excellency Minister Al-Kaabi added: 'We extend our thanks to the Ministry of Petroleum and Natural Mineral Resources in Egypt, and our partner Eni for their valued support and cooperation. We look forward to working together to achieve our exploration objectives.'
The North Rafah offshore block is located in the Mediterranean Sea, off the northeastern coast of Egypt. It spans nearly 3,000 sq kms in water depths of up to 450 meters.
Source: QatarEnergy
