KEY POINTS
- QatarEnergy acquires a 40% interest in the Eni-operated North Rafah block off Egypt’s northeastern coast.
- The transaction, approved by the Egyptian government, expands Qatar’s growing Mediterranean exploration footprint.
- The 3,000-square-kilometre concession marks another milestone in QatarEnergy’s global expansion strategy.
QatarEnergy has strengthened its presence in the eastern Mediterranean after completing a farm-in deal with Italy’s Eni, acquiring a 40% participating interest in the North Rafah offshore exploration block off Egypt’s northeastern coast.
The agreement, recently endorsed by the Egyptian Ministry of Petroleum and Mineral Resources, gives QatarEnergy a significant foothold in one of the region’s most promising hydrocarbon basins. Eni will retain the remaining 60% interest and continue to serve as the operator of the concession.
Covering nearly 3,000 square kilometres, the North Rafah block sits in the Mediterranean Sea in water depths of up to 450 metres. The area forms part of Egypt’s broader exploration push to boost gas output and secure additional export volumes to Europe and Asian markets.
QatarEnergy expands Mediterranean exploration drive
The acquisition highlights QatarEnergy’s continued drive to diversify and expand its international upstream portfolio. The company, one of the world’s largest LNG exporters, has stepped up exploration activity across the Mediterranean in recent years, building on its partnerships in Cyprus, Lebanon and Egypt.
“We are pleased with our new position in the North Rafah offshore block, which further strengthens our presence in Egypt and marks another important step in advancing our ambitious international exploration strategy,” said Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and the President and Chief Executive of QatarEnergy.
Al-Kaabi expressed gratitude to the Egyptian government and to Eni for what he described as a cooperative and productive partnership. “We look forward to working together to achieve our exploration objectives,” he added.
Eni, which discovered Egypt’s giant Zohr gas field in 2015, continues to play a leading role in the country’s upstream sector and has welcomed QatarEnergy’s participation as part of a strategy to accelerate exploration and expand natural gas development in the Mediterranean basin.
The North Rafah block forms part of Egypt’s efforts to maintain its position as a regional gas hub, supplying domestic markets while exporting liquefied natural gas (LNG) through its Idku and Damietta terminals.
With the transaction concluded, QatarEnergy now holds stakes in several exploration blocks across Egypt and other parts of the Mediterranean, signalling the Gulf state’s long-term commitment to the region’s energy future.
