• QatarEnergy bought a 27% interest in Egypt’s North Cleopatra offshore block from Shell, pending regulatory approval.

• Shell will retain 36% and remain operator, alongside Chevron (27%) and Tharwa Petroleum (10%).

• The acquisition supports QatarEnergy’s expansion in African and Mediterranean gas basins.

QatarEnergy has announced the acquisition of a 27% stake in the offshore North Cleopatra block, located off the coast of Egypt. The transaction, disclosed in a statement on Sunday, October 5, was made through a purchase from Shell, which operates the project.

Once approved by Egyptian authorities, the agreement will reshape the ownership structure of the block. Shell will keep 36% and continue as operator, while Chevron will hold 27% and Egypt’s state-owned Tharwa Petroleum Company will retain 10%.

The North Cleopatra block covers more than 3,400 square kilometers at depths of up to 2,600 meters in the Herodotus Basin. The area has drawn attention since Eni’s 2015 discovery of the Zohr gas field, which highlighted Egypt’s strong offshore gas potential.

This acquisition comes as Egypt accelerates offshore exploration, a strategy launched in 2021 and reinforced this year through new agreements signed by the Ministry of Petroleum and Mineral Resources. These contracts, worth about $340 million, include plans to drill around ten wells in the Mediterranean Sea and the Nile Delta with the participation of Shell, Eni, BP, and EGAS.

The renewed exploration drive aims to offset the natural decline of mature fields, meet growing domestic demand, and sustain liquefied natural gas (LNG) exports from the Damietta and Idku terminals, which are key to Egypt’s energy strategy.

In recent months, QatarEnergy has expanded its regional presence through partnerships with Chevron in the North El-Dabaa block and with ExxonMobil in the North Marakia and Cairo Offshore blocks.

The company’s investment in North Cleopatra fits into its broader international growth plan, which includes new stakes across Africa and the Mediterranean. QatarEnergy has acquired interests in two Namibian blocks with TotalEnergies, 24% in South Africa’s block 3B/4B, 40% in Mauritania’s block C-10, and 35% in Congo’s Nzombo offshore block.