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Chevron Corporation (CVX) - free report >>
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Chevron-Operated Egypt Offshore Block Gets QatarEnergy Boost
QatarEnergy has entered into a significant accord with Chevron Corporation (CVX - Free Report) to acquire a 23% stake in Egypt’s offshore North El-Dabaa (H4) block. The block is located 10 kilometers off the Mediterranean coast in Egypt, with water depths ranging from 100 to 3,000 meters, signifying valuable potential for oil and gas exploration. Per the agreement, CVX, one of the world’s largest publicly traded oil and gas companies, will retain its block-operator role with a 40% stake, and Woodside and Tharwa Petroleum will hold 27% and 10% stakes, respectively.
Egypt’s Drilling Future With CVX
The Stena Forth drillship is deployed in the North El-Dabaa block for the exploration and drilling activities, which are scheduled to begin by late November 2024. The CEO of QatarEnergy said that their partnership with CVX, carrying a Zacks Rank #3 (Hold) currently,demonstrates their dedication to the Egyptian oil and gas sector and also their strengthening relationship with the company. The Egyptian government has an ambitious plan in the pipeline to drill over 110 exploration wells in the next two years and a further agenda of drilling about 586 exploration wells by 2030.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Global Expansion Continues for QatarEnergy
QatarEnergy, as part of its global exploration plan, has entered into various contracts with various companies.
In May, the company entered into a deal with Exxon Mobil Corporation (XOM - Free Report) to acquire 40% stakes in Cairo and Masry blocks offshore Egypt.
Recently, QatarEnergy also entered into a partnership with TotalEnergies SE (TTE - Free Report) for an exploration project in the Orange Basin offshore Namibia and acquired a license for the same. After the transaction, TTE will assume the operatorship and hold a 33% stake, while QatarEnergy will hold 24%.
In July, QatarEnergy added one more feather to its hat by entering into a contract with CVX for block 5 offshore Suriname. According to this partnership, Chevron will retain 40% interest while Paradise Oil Company and QatarEnergy will hold 40% and 20%, respectively.