QatarEnergy has completed a farm-in transaction with Eni, acquiring a 40% participating interest in the North Rafah exploration block offshore Egypt. The agreement was recently approved by the Egyptian government, with Eni retaining the remaining 60% interest and continuing as operator of the concession.

Transaction Details

The farm-in transaction grants QatarEnergy a significant stake in the Mediterranean Sea exploration block. Under the agreement, Eni maintains its role as operator while holding a 60% interest in the North Rafah offshore block. The Egyptian government's approval of the agreement was a key milestone in completing the transaction.

Strategic Significance

His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and President and CEO of QatarEnergy, emphasized the strategic importance of the acquisition. “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,” Al-Kaabi stated.

The Minister expressed gratitude to key stakeholders involved in the transaction. “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,” Al-Kaabi added.

Block Characteristics and Location

The North Rafah offshore block is strategically positioned in the Mediterranean Sea, located off the northeastern coast of Egypt. The exploration area covers nearly 3,000 square kilometers, representing a substantial offshore area for potential hydrocarbon exploration. The block operates in water depths of up to 450 meters, indicating the technical complexity and scale of potential exploration operations.

The Mediterranean Sea location places the block within one of the region's active exploration areas, where several international energy companies have established operations in recent years.

Partnership Framework

The partnership between QatarEnergy and Eni establishes a collaborative framework for exploration activities in the North Rafah block. With Eni serving as operator, the Italian energy company will lead day-to-day operations, while QatarEnergy participates as a significant minority partner with its 40% stake. This arrangement reflects QatarEnergy's continued expansion of its international portfolio through strategic partnerships with established operators.

The collaboration with Eni, an experienced Mediterranean operator, provides QatarEnergy with access to regional expertise and operational capabilities in Egyptian offshore waters. The completion of this farm-in transaction represents QatarEnergy's growing presence in Egypt's energy sector and demonstrates the company's commitment to international exploration opportunities.

The North Rafah block acquisition adds to QatarEnergy's portfolio of international assets as the company continues to pursue its global expansion strategy.

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