QatarEnergy has acquired a 27% interest in the North Cleopatra exploration block offshore Egypt from Shell. The block covers over 3,400km² in water depths up to 2,600m, adjacent to another block where QatarEnergy already holds a 23% interest. The deal is subject to Egyptian Government approval.

The North Cleopatra block partners include Chevron with 27% interest and Tharwa Petroleum Company with 10%. QatarEnergy aims to expand its exploration activities in Egypt, thanking the Ministry of Petroleum and Mineral Resources for their support. The company has been increasing its presence in various oil and gas basins globally, including recent collaborations with Shell.

QatarEnergy and Shell have a history of collaboration on projects in Qatar and worldwide. They recently signed a 25-year condensate supply agreement and a long-term deal to supply liquefied natural gas to China. The companies have worked together on ventures such as QatarEnergy LNG projects and the Pearl GTL plant.

Read more at Yahoo Finance: QatarEnergy to acquire 27% interest in North Cleopatra block offshore Egypt