QatarEnergy enters agreement with Chevron to acquire 23% in North El-Dabaa

CAIRO - 11 November 2024: QatarEnergy has entered into an agreement with Chevron to acquire a 23 percent working interest in the concession agreement for Egypt’s offshore North El-Dabaa (H4) Block, further expanding its exploration activities in the country and highlighting Egypt’s strategic importance as a regional energy hub.  

 

Under the agreement, Chevron, the operator, will retain a 40 percent interest, while Woodside will hold 27 percent and Egypt’s state company, Tharwa Petroleum, will own the remaining 10 percent.  

The agreement focuses on joint exploration efforts in key offshore blocks in the Eastern Mediterranean, an area that has attracted significant attention due to recent major gas discoveries.  

 

“This agreement demonstrates our commitment to the oil and gas sector in the Arab Republic of Egypt and further strengthens our partnership with our valued partner Chevron,” said Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy.  

 

The North El-Dabaa (H4) Block is located approximately 10 kilometers offshore from the Egyptian Mediterranean coast, with water depths ranging from 100 to 3,000 meters.