QatarEnergy acquires interest in exploration block off Egypt

QatarEnergy has entered into an agreement with ExxonMobil to acquire a working interest in an exploration block offshore Egypt, the company said on March 29.

Under the terms of the agreement, which is subject to customary approvals by the government of Egypt, QatarEnergy will hold a 40% working interest in the contractor’s share in the North Marakia offshore block in the Mediterranean Sea, while an affiliate of ExxonMobil will hold the remaining 60% working interest.

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North Marakia block 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.