### Chevron and QatarEnergy Join Forces in Offshore Exploration Block in Northern Egypt
In a strategic move aimed at bolstering their global exploration portfolio, QatarEnergy has announced a partnership with Chevron to acquire a 23% working interest in the concession agreement for the North El-Dabaa (H4) Block, located in the Mediterranean Sea off the coast of Northern Egypt[1][2][4].
This significant acquisition underscores QatarEnergy’s commitment to expanding its international footprint in the oil and gas sector. The North El-Dabaa block is situated approximately 10 kilometers offshore, with water depths ranging from 100 to 3,000 meters, presenting a promising and challenging exploration environment[1][2][3].
Under the terms of the agreement, Chevron will retain a 40% share in the concession, serving as the operator. Woodside Energy Group will hold a 27% stake, while Tharwa Petroleum Company, an Egyptian state-owned entity, will retain a 10% interest in the block[1][2][3]. This diverse partnership highlights the collaborative approach both companies are adopting to facilitate successful exploration and drilling operations.
QatarEnergy’s President and CEO, His Excellency Mr. Saad Sherida Al-Kaabi, expressed his enthusiasm about the partnership, stating, “This agreement demonstrates our commitment to the oil and gas sector in Egypt and further strengthens our partnership with Chevron. We look forward to the drilling of the first exploration well on this block and to a successful and promising outcome.” He also extended his gratitude to the Egyptian authorities and their partners Chevron, Woodside, and Tharwa Petroleum for their continued support[1][2].
With this acquisition, QatarEnergy joins a growing list of exploration activities in Egypt. Recently, the company signed a framework agreement with ExxonMobil to acquire exploration blocks off Egypt’s coast, highlighting its strategic expansion in the region[2].
### Conclusion
This joint venture between Chevron and QatarEnergy marks a significant milestone in offshore exploration, demonstrating the companies’ dedication to exploring new hydrocarbon reserves in the Mediterranean Sea. The collaborative effort aims to unlock the potential of the North El-Dabaa block, paving the way for future energy discoveries and investments in Egypt.
#otsoffshore #ots #offshoreDrillings #offshoreCompany #oilDrillingEquipment #offshoreGeotechnicalDrillingRigs
—
Note: The article aims to provide a unique and comprehensive overview of the acquisition while adhering to the original