QatarEnergy is a state-owned corporation responsible for planning, developing, and managing all of Qatar's energy resources. With an integrated portfolio in exploration, production, refining, and marketing, QatarEnergy is a leader in the global energy sector.

The company affirmed that the agreement reinforces QatarEnergy’s commitment to expanding its presence in Egypt’s oil and gas sector and strengthens its long-standing partnership with Chevron.

Chevron, the block operator, will maintain a 40 percent working interest as part of the agreement. Other partners include Woodside, with 27 percent, and the Egyptian state-owned Tharwa Petroleum Company, with 10 percent.  

The North El-Dabaa (H4) block is approximately 10 kilometres off the Egyptian Mediterranean coast, and its water depths range from 100 to 3,000 metres.

Chevron is one of the world's leading integrated energy companies, operating in more than 180 countries, including Egypt. It is committed to sustainable development, providing energy solutions, and investing in renewable energy technologies.

Woodside is a global energy company headquartered in Australia that focuses on exploring, developing, and producing oil and gas resources. The company has a diverse and growing portfolio of assets across several regions.

Meanwhile, Tharwa Petroleum, an Egyptian state-owned company, specializes in exploring and producing oil and gas resources. It plays a vital role in Egypt’s energy sector and partners with international companies to enhance local energy production.

“This agreement demonstrates our commitment to the oil and gas sector in the Arab Republic of Egypt and further strengthens our partnership with our valued partner Chevron,” said Saad Sherida Al-Kaabi, the Qatari Minister of State for Energy Affairs and President and CEO of QatarEnergy.

 “We are excited to move forward with drilling the first exploration well on this block and look forward to a successful and promising outcome. I want to take this opportunity to thank the Egyptian authorities and our partners Chevron, Woodside, and Tharwa Petroleum for their continued support and collaboration,” he added.

According to the company’s statement, this acquisition aligns with QatarEnergy’s strategy to expand its international portfolio of oil and gas assets and further enhance its exploration activities across key regions. It highlighted that, with significant potential for oil and gas reserves, the North El-Dabaa (H4) block will become an important development area for all stakeholders involved.

Earlier in May, QatarEnergy announced its plans to acquire two new exploration blocks offshore Egypt by a farm-in agreement with ExxonMobil. It also sealed a similar deal with the same shares with ExxonMobil in March 2022 to acquire a stake in the latter’s North Marakia offshore block.