QatarEnergy signed a farm-in agreement with ExxonMobil to acquire a 40% participating interest in two exploration blocks offshore Egypt.
Under the terms of the agreement, QatarEnergy will acquire a 40% working interest the Cairo and Masry offshore concession agreements. ExxonMobil will retain the remaining 60% working interest and continue as operator.
The Cairo and Masry offshore exploration blocks were awarded to ExxonMobil in January 2023 and cover an area of about 11,400 sq km in water depths of 2,000-3,000 m.
The agreement remains subject to customary approvals by the government of Egypt.
