QatarEnergy has entered into an agreement with Chevron to acquire a 23% working interest in the concession agreement for Egypt’s offshore North El-Dabaa (H4) Block, expanding its exploration in the country and underscoring Egypt’s strategic role as a regional energy hub.

The agreement stipulates that Chevron, the operator, will hold a 40% interest whereas Woodside will acquire 27% and Egypt’s state company, Tharwa Petroleum, will acquire the remaining 10% interest.

The agreement focuses on joint exploration efforts in key offshore blocks located in the Eastern Mediterranean, an area that has seen substantial interest due to recent major gas discoveries.

“This agreement demonstrates our commitment to the oil and gas sector in the Arab Republic of Egypt, and further strengthens our partnership with our valued partner Chevron,” Qatar’s Minister of State for Energy Affairs, the President and CEO of QatarEnergy, Saad Sherida Al-Kaabi, said.

The North El-Dabaa (H4) Block lies about 10 kilometers offshore the Egyptian Mediterranean shore at water depths ranging between 100 and 3,000 meters.