Qatar Energy will acquire a 17 percent stake in two Shell-operated concessions (Block 3 and Block 4) in Egypt's Red Sea region, Shell Egypt said on Monday.
Shell will remain the main operator of the concessions, Shell Egypt's statement added.
Khaled Kacem, Shell’s Vice President & Country Chair for Egypt, said: “Bringing such reliable partners into the project will enable us to leverage our joint expertise as we progress the opportunity. It is also worth highlighting that we were able to attract new market entrants thanks to the favorable investment climate in Egypt.”
QatarEnergy president and CEO Saad Sherida Al-Kaabi said the deal represents the company’s “entry into the Arab Republic of Egypt’s well-established upstream oil and gas sector and offers an opportunity for the consortium partners to explore this frontier acreage.”
Block 3 was awarded to Shell in late 2019 and covers an area of 3,097 sq km in water depths of 100 to 1,000 m.
Block-4 was also awarded to Shell in late 2019 and covers an area of 3,084 sq km in water depths of 150 to 500 meters.
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