Egypt’s Ministry of Petroleum and Mineral Resources announced a new expansion for Qatar Energy in its exploration and production activities in Egypt, through a partnership with the Italian company Eni in northern Rafah offshore area in the Mediterranean Sea.
This brings the company’s total number of offshore blocks to six.
This comes as part of the first pillar of the ministry’s strategy, which aims to increase production rates and encourage investment in natural gas exploration and production activities.
With this move, Qatar Energy’s operations in Egypt now extend to six offshore blocks, in partnership with major international companies including Eni, Chevron, and ExxonMobil.
This reflects the Qatari company’s confidence in Egypt’s attractive investment climate.
Qatar Energy plans to inject new investments – in collaboration with its partners – to drill a number of exploration wells over the next five years, including three new wells next year, as part of its fruitful partnership with the petroleum sector.
