Qatar Energy has concluded a deal with Eni to acquire a 40% participation stake in the North Rafah exploration area located off the coast of the Arab Republic of Egypt. Under the terms of the agreement, which was recently approved by the Egyptian government, Qatar Energy obtains a 40% share of the exploration work concession, while Eni (the operator) retains the remaining 60%.
Speaking on this occasion, His Excellency Eng. Saad bin Sherida Al-Kaabi, Minister of State for Energy Affairs, Managing Director and CEO of Qatar Energy, said: “We are happy with our new acquisition in the North Rafah offshore area, which strengthens our presence in Egypt and represents another important step towards achieving our ambitious international exploration strategy.”
His Excellency Minister Al Kaabi added: “I would like to take this opportunity to extend my sincere thanks to the Egyptian Ministry of Petroleum and Mineral Resources, and our partner Eni for their valuable support and cooperation. We look forward to working together to achieve our exploration goals.”
The North Rafah Marine Area is located in the Mediterranean Sea, off the northeastern coast of Egypt. It covers an area of approximately 3,000 square kilometers, in water depths of up to 450 metres.
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