QatarEnergy has completed a farm-in transaction with Eni, acquiring a 40 per cent participating interest in the North Rafah exploration block offshore the Arab Republic of Egypt. 

The agreement, recently approved by the government of Egypt, grants QatarEnergy a 40 per cent stake in the offshore concession, with Eni (the Operator) retaining the remaining 60 per cent interest.

Saad Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: “We are pleased with our new position in the North Rafah offshore block, which further strengthens our presence in Egypt and marks another important step in advancing our ambitious international exploration strategy.”

Minister Al-Kaabi added: “We extend our thanks to the Ministry of Petroleum and Natural Mineral Resources in Egypt, and our partner Eni for their valued support and cooperation. We look forward to working together to achieve our exploration objectives.”

The North Rafah offshore block is located in the Mediterranean Sea, off the northeastern coast of Egypt. It spans nearly 3,000 square kilometers in water depths of up to 450 meters.-OGN/TradeArabia News Service