Mubasher: QatarEnergy has inked an agreement with Shell to acquire a 27% stake in the North Cleopatra block offshore in Egypt, according to a press release.

Under the signed deal, pending approval by the Egyptian government, Shell will retain a 36% participating interest as operator.

Meanwhile, Chevron will hold 27% equity, while Tharwa Petroleum Company will own the remaining 10%.

Saad Sherida Al Kaabi, President and CEO of QatarEnergy, said: “We are pleased to secure this additional exploration acreage, which further expands our upstream exploration activities in Egypt.”

Situated in the frontier Herodotus basin, the North Cleopatra block spans more than 3,400 square kilometers, with water depths reaching up to 2,600 meters.

It lies north and adjacent to the North El-Dabaa block, where QatarEnergy already holds a 23% participating interest.