QatarEnergy CEO Saad Sherida Al-Kaabi commented:
- We are pleased with this important development, as it represents QatarEnergy’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.
Meanwhile, 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 m.
Khaled Kacem, Shell’s Vice President & Country Chair for Egypt, noted:
- 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
- Block 3: Shell (operator, 43%), BHP (30%), Tharwa Petroleum Co. (10%), and QatarEnergy (17%)
- Block 4: Shell (operator, 21%), Mubadala (27%), BHP (25%), Tharwa Petroleum Co. (10%), and QatarEnergy (17%)