Doha: Qatar Energy has completed a farm-in transaction with Eni, acquiring a 40% participating interest in the North Rafah exploration block offshore the Arab Republic of Egypt. The agreement, recently approved by the government of Egypt, grants Qatar Energy a 40% stake in the offshore concession, with Eni (the Operator) retaining the remaining 60% interest.

According to Qatar News Agency, this strategic move marks a significant development in Qatar Energy's international exploration endeavors. Commenting on the agreement, HE Minister of State for Energy Affairs, the President and CEO of Qatar Energy, Saad bin Sherida Al Kaabi, expressed satisfaction with the new position in the North Rafah offshore block. He emphasized that this acquisition strengthens Qatar Energy's presence in Egypt and aligns with its ambitious international exploration strategy.

His Excellency Minister Al Kaabi extended gratitude to the Ministry of Petroleum and Natural Mineral Resources in Egypt, as well as to their partner Eni, for their support and cooperation. He highlighted the importance of the collaboration in achieving exploration objectives.

The North Rafah offshore block is situated in the Mediterranean Sea, off the northeastern coast of Egypt. It encompasses nearly 3,000 square kilometers, with water depths reaching up to 450 meters.