QatarEnergy Signs Deal with Shell to Acquire 27% Stake in North Cleopatra Offshore Block, Strengthening East Mediterranean Role
QatarEnergy has signed an agreement with Shell to acquire a 27% participating interest in the North Cleopatra block offshore Egypt, the Qatari energy company announced on Sunday.
The acquisition underscores QatarEnergy’s expanding role in the East Mediterranean and across Africa.
The deal, which is subject to approval by Egyptian authorities, will leave Shell with a 36% operating stake in the block. Chevron holds 27%, while Egypt’s Tharwa Petroleum Company owns the remaining 10%, according to Reuters.
The North Cleopatra block lies within the frontier Herodotus Basin, covering more than 3,400 square kilometres of seabed, with depths reaching up to 2,600 metres, according to QatarEnergy.
Such geological complexity presents higher costs and technical challenges but also the potential for significant gas and oil reserves.
QatarEnergy’s Expanding Investment Footprint
This is not QatarEnergy’s first major move in Egypt. In May 2024, the company signed a farm-in agreement with ExxonMobil to acquire a 40% interest in two offshore exploration blocks — Cairo and Masry.
That deal involved a vast area of 11,400 square kilometres, in waters ranging from 2,000 to 3,000 metres deep.
The latest acquisition further strengthens QatarEnergy’s global strategy to secure assets in key oil and gas basins, including in Guyana, Lebanon, Namibia, and South Africa.
For Egypt, partnerships such as this bring capital, advanced technology, and expertise, particularly vital for frontier offshore regions like the Herodotus Basin.
Beyond improving production prospects, such collaborations enhance Egypt’s energy security and bolster its export capacity.
