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.”
