ExxonMobil signed an agreement to farm out working interest in an exploration block offshore Egypt to QatarEnergy.
Subject to customary approvals by the government of Egypt, QatarEnergy will hold a 40% working interest in the North Marakia Offshore Block in the Mediterranean Sea, An ExxonMobil affiliate will remain operator with 60% interest.
The block, which covers an area of 4,847 km2 in water depths of 1,000 m to 2,000 m, lies 5 miles offshore Egypt’s northern coast in the Herodotus basin. It was awarded to ExxonMobil in 2020 (OGJ Online, Dec. 30, 2019).
