This latest partnership brings the number of offshore blocks in which Qatar Energy is involved to six, where it partners with major international companies including Eni, Chevron, and ExxonMobil, reflecting the firm's confidence in Egypt's investment climate.
Qatar Energy, in cooperation with its partners, is set to
inject new investments to drill a number of new exploratory wells over the next
five years, including three new wells next year. This is part of its
partnership with Egypt's petroleum sector to develop the country's natural gas
resources.
The Ministry of Petroleum and Mineral Resources stated that this expansion aligns with the first pillar of the ministry's strategy, which aims to increase production rates and encourage investment in exploration and research activities.