RIYADH: QatarEnergy has acquired a 40 percent stake in the North Rafah exploration block offshore Egypt, in a move that deepens its investment in the Eastern Mediterranean’s gas basin.
The deal, finalized through a farm-in agreement with Italian energy giant Eni, grants the Qatari state-owned corporation a 40 percent participating interest in the offshore concession.
Eni, which originally held the block, will remain the operator of the project and retains the remaining 60 percent interest, according to a press release.
The move, which has now received official approval from the Egyptian government, is consistent with QatarEnergy’s broader strategy to leverage its financial strength to secure future gas reserves across the globe, ensuring its long-term position as a top-tier energy supplier.
Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy, Saad Sherida Al-Kaabi, 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.”
He 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 a highly prospective area situated in the Mediterranean Sea, off the northeastern coast of Egypt.
The concession spans a substantial area of nearly 3,000 sq. km. The block presents a technical challenge, with water depths reaching up to 450 meters, requiring advanced deep-water drilling expertise, a specialty of operator Eni.
The Eastern Mediterranean has emerged as a major global gas hub in recent years, with several massive discoveries.
QatarEnergy has been expanding its portfolio through new agreements worldwide including offshore blocks in Namibia’s Orange Basin.
In November, the state-owned energy firm signed a deal with TotalEnergies and acquired an additional 5.25 percent interest in block 2913B and an additional 4.7 percent interest in block 2912.
This deal raised QatarEnergy’s share in these licenses to 35.25 percent in block 2913B and 33.025 percent in block 2912.
