QatarEnergy has announced a new expansion of its operations in Egypt through a partnership with Italian energy company Eni in the offshore North Rafah concession in the Mediterranean Sea for natural gas exploration. This addition brings QatarEnergy's portfolio in Egypt to six offshore concessions, partnering with leading international energy firms. The partnerships reflect strong confidence in Egypt's investment climate and energy sector opportunities.
In a move to bolster its presence in the Egyptian market, QatarEnergy announced its new partnership with Eni in the offshore North Rafah concession, located in the Mediterranean Sea off Egypt's coast. The expansion includes plans for significant new investments, in cooperation with partners, to drill multiple exploratory natural gas wells over the next five years, including three wells scheduled for next year.
QatarEnergy's portfolio in Egypt now comprises six offshore concessions, where the company partners with prominent global firms such as Eni, Chevron, and ExxonMobil. The company stated that these partnerships demonstrate its strong confidence in Egypt's investment climate and the growing opportunities in its energy sector.
This expansion aligns with the strategy of Egypt's Ministry of Petroleum and Mineral Resources, which prioritizes increasing production rates and encouraging investments in exploration and drilling activities across the country's oil and gas sector. The announcement supports QatarEnergy's long-term strategy to strengthen its footprint in Egypt and contribute to the development of the nation's natural gas resources, enhancing regional energy cooperation.