Qatar Energy Company announced its acquisition of a 40% stake in two natural gas exploration areas off the coast of Egypt, as part of an agreement with the American company Exxon Mobil.

Under the agreement, Qatar Energy will obtain exploration and production rights in the Cairo and Masry offshore areas, while ExxonMobil will retain a 60% stake and operate the project.

This step is important for Qatar Energy as it strengthens the company's international presence. The deal represents a significant expansion of Qatar Energy's exploration and production activities beyond its borders, specifically in a region rich in natural resources such as the eastern Mediterranean.

The agreement contributes to diversifying Qatar's energy investment portfolio and reducing its dependence on the giant North Field of natural gas. It also contributes to enhancing the energy security of the State of Qatar by securing new sources of natural gas.

This deal is an important step for Qatar Energy and Egypt alike, and represents a milestone in the process of enhancing energy security in the region.

The area of the “Cairo” and “Masry” maritime areas is about 11,400 square kilometers, and it is believed that there are huge quantities of natural gas in them.

Drilling operations in the two areas are expected to begin during the third quarter of 2024. This is the third major acquisition deal announced by Qatar Energy during the current year, after it acquired shares in natural gas projects in Greece and Cyprus.