ALBAWABA - Qatar Energy announced its victory in securing exploration rights in a new offshore area off the Egyptian coast at the conclusion of the 2022 bidding round conducted by the Egyptian Natural Gas Holding Company "EGAS."
The statement highlighted that the Egyptian Ministry of Petroleum and Mineral Resources granted exploration and production rights in the "Egypt-Med-E8" area, east of Port Said, to an international consortium consisting of Qatar Energy with a 33% stake, project operator Eni with a 34% stake, and BP with a 33% stake.
This win further strengthens Qatar Energy's presence in the exploration and production sector in Egypt, bringing its total offshore exploration areas to four, including two exploration zones in the Red Sea (Zone 3 and Zone 4) and the North Marakia area in the Mediterranean Sea. The exploration area east of Port Said is situated off the northeastern coast of Egypt in the Mediterranean Sea, at depths reaching up to 800 meters and covering an area of approximately 2,600 square kilometers.
Eng. Saad Bin Sherida Al-Kaabi, the Qatari Minister of State for Energy Affairs and CEO of Qatar Energy, expressed his satisfaction with securing exploration and production rights in the Port Said East area.
Qatar Energy had previously signed an agreement with ExxonMobil Canada to acquire a stake in two offshore exploration licenses off the coast of Newfoundland and Labrador in Canada in May of last year.
