QatarEnergy (QE) has taken a stake in ExxonMobil’s North Marakia Offshore block, in Egypt.

The Qatari firm may have a 40% stake within the Mediterranean Sea block, whereas Exxon retains 60% and the function as operator.

QE CEO and president Saad Sherida Al-Kaabi stated the deal was “one other essential step” for the corporate. That is each in “Egypt’s upstream oil and fuel sector, and in implementing our worldwide development technique”.

Egyptian Pure Fuel Holding (EGAS) awarded the block to Exxon in 2019.

“We’re happy to signal this settlement and to work with our valued long-term associate ExxonMobil to discover thrilling prospects on this promising area. We’re additionally delighted to have the chance to work with EGAS and the Egyptian Ministry of Petroleum and Mineral Sources and I want to take this chance to thank the Egyptian authorities and our companions for his or her invaluable assist and cooperation.”

The block covers 4,847 sq. km, in water depths starting from 1,000 to 2,000 metres. Egypt awarded the block to Exxon on the finish of 2019.

The block is within the below explored Herodotus Basin, in Egypt’s west.

Exxon and QE are working collectively in quite a lot of areas all over the world. This contains the lately introduced Glaucus-2 appraisal offshore Cyprus.