QatarEnergy acquires offshore stake in Egypt 

QatarEnergy has finalised its acquisition of a 40 per cent stake in the North Rafah exploration block, offshore Egypt, according to a QatarEnergy press release released on October 27th. 

The move, finalised through a farm-in agreement with Italian energy company Eni, deepens the state-owned company’s investment in the Eastern Mediterranean’s gas basin. Eni originally held the block and will remain the operator of the project, retaining 60 per cent interest.

“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,” said Qatar’s minister of state for energy affairs and president as well as chief executive of QatarEnergy, Saad Sherida Al-Kaabi.

The North Rafah block spans almost 3,000 square kilometers in water depths of up to 450 metres. 

Arab News reported that QatarEnergy has recently expanded its portfolio through deals, such as offshore blocks in Namibia’s Orange Basin. 

Earlier this year, QatarEnergy landed a stake in its first onshore exploration licence in Algeria. QatarEnergy also signed a 17-year Sales and Purchase Agreement (SPA) with India’s Gujarat State Petroleum Corporation (GSPC) for the supply of up to 1 million tons per annum of liquefied natural gas (LNG) to India, building on their initial long-term deal made during 2019. 

Commenting on the deal, Al-Kaabi said: “This collaboration not only reinforces the enduring ties between our two companies but also contributes to India’s vision of enhancing its energy security and transitioning towards a cleaner energy mix.”

Meanwhile, Qatar claimed that the EU’s corporate sustainability due diligence directive (CSDDD), presents a significant risk to QatarEnergy, Reuters reported on October 23rd.

The EU policy stipulates that big companies that are active within the trade bloc must identify and resolve human rights and environmental problems in their supply chains or face financial consequences.

QatarEnergy, Arab News, Reuters, Maghrebi.org