Under the agreement, QatarEnergy will acquire a 23% stake, while Chevron, as the operator of the concession area, will retain a 40% stake. Other partners in the concession are Woodside with a 27% stake and Egypt's state-owned Tharwa Petroleum with a 10% stake, according to a statement issued by QatarEnergy on Monday.
The announcement comes days after
Minister of Petroleum Karim Badawy met with Chevron officials to discuss
drilling an exploration well in the North Dabaa area.
Saad Sherida Al-Kaabi,
QatarEnergy's Minister of State for Energy Affairs and CEO, expressed optimism
about drilling the first exploration well and achieving positive results.
The concession area, located approximately 10 kilometers off the Egyptian coast, spans water depths ranging from 100 to 3,000 meters.