Arab Finance: QatarEnergy has signed an agreement with Shell to acquire a 27% participating interest in the North Cleopatra exploration block offshore in Egypt, as per a press release.

Under the agreement, which is subject to approval by the Egyptian government, Shell will continue to operate the block with a 36% interest.

Chevron holds a 27% participating interest, while Tharwa Petroleum Company retains the remaining 10%.

The North Cleopatra block is located in the Herodotus basin offshore Egypt, adjacent to the North El-Dabaa block, where QatarEnergy holds a 23% participating interest.

The block covers an area of more than 3,400 square kilometers, with water depths of up to 2,600 meters.

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