QatarEnergy Secures 40% Stake in Two New Offshore Egypt Exploration Blocks

QatarEnergy has entered into a farm-in agreement with ExxonMobil, securing a 40% participating interest in two offshore exploration blocks in Egypt.

As per the agreement, pending customary approvals from the government of Egypt, QatarEnergy will obtain a 40% working interest in both the "Cairo" and "Masry" Offshore Concession Agreements. ExxonMobil, serving as the Operator, will maintain the remaining 60% working interest.

Minister Al-Kaabi further stated, "We anticipate collaborating closely with our esteemed long-standing partner ExxonMobil, alongside the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian Ministry of Petroleum and Mineral Resources, in this region of promising potential. I extend my gratitude to the Egyptian authorities and our partners for their invaluable support and cooperation."

ExxonMobil was granted the Cairo and Masry offshore exploration blocks in January 2023, spanning approximately 11,400 square kilometers in water depths ranging from 2,000 to 3,000 meters.

QatarEnergy, formerly known as Qatar Petroleum (QP), stands as the state-owned petroleum entity of Qatar. It holds sway over all oil and gas operations within the country, spanning exploration, production, refining, transportation, and storage. The company's operations are intricately intertwined with state planning agencies, regulatory bodies, and policy-making entities, reflecting its central role in Qatar's energy sector.

One of QatarEnergy's key responsibilities is the operation of the nation's oil pipeline network, facilitating the transfer of resources from oil fields to the solitary refinery and export terminals. Additionally, it oversees an extensive offshore pipeline infrastructure, enabling the transportation of crude oil from offshore fields to Halul Island for processing and subsequent exportation.

Refining activities are conducted at two main facilities: the QatarEnergy Refinery in Umm Said and the Laffan Refinery in Ras Laffan. Furthermore, Qatar Petroleum boasts two notable joint ventures: Oryx GTL with South African Sasol and Pearl GTL with Anglo-Dutch Shell. These ventures specialize in the production of synthetic petroleum products, including GTL-naphtha and GTL-diesel, derived from natural gas via Gas-to-Liquids (GTL) technology.

ExxonMobil, a leading global energy provider and chemical manufacturer, leverages cutting-edge technologies to address the increasing global demand for energy and top-tier chemical products in a safe and sustainable manner.

ExxonMobil Corporation, commonly known as Exxon, stands as an American multinational oil and gas conglomerate and is the largest direct descendant of John D. Rockefeller's Standard Oil. Formed in 1999 through the merger of Exxon and Mobil, the company boasts a vertical integration across the entire oil and gas spectrum. Additionally, it houses a chemicals division responsible for manufacturing plastic, synthetic rubber, and various other chemical products.

ExxonMobil holds the distinction of being the largest non-government-owned entity in the energy sector, contributing approximately 3% of the world's oil production and 2% of global energy output. The company operates through several global divisions categorized for organizational purposes, complemented by standalone divisions such as Coal & Minerals. Moreover, it oversees numerous smaller subsidiaries, including XTO Energy and SeaRiver Maritime. Furthermore, ExxonMobil maintains a majority ownership stake in Imperial Oil.