Shell farms out partial interest in North Cleopatra block offshore Egypt

Shell plc agreed to farm out to QatarEnergy a 27% non-working interest in the North Cleopatra block offshore Egypt.

In a release Oct. 5, state-owned QatarEnergy said under terms of the agreement, which is subject to approval by the Egyptian government, Shell will retain a 36% participating interest as operator. Other participating interest holders are Chevron (27%) and Tharwa Petroleum Co. (10%).

The 3,400-sq km North Cleopatra block, in the frontier Herodotus basin, lies north and adjacent to North El-Dabaa block where QatarEnergy holds a 23% participating interest.

North Cleopatra lies in water depths of up to 2,600 m and is one of the last underexplored areas in the region, according to QatarEnergy.