QatarEnergy has acquired 40% participating interest in the North Rafah exploration block offshore the Mediterranean Sea through a farm-in transaction with Italian Eni, the Operator of the block, which would retain the remaining 60% stake.
“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 Al-Kaabi, the Qatari Minister of State for Energy Affairs and the President and CEO of QatarEnergy.
According to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR), with this agreement, QatarEnergy has expanded its operations in Egypt to cover six offshore areas in partnership with international companies, including Eni, Shell, Chevron, and ExxonMobil.
The company is anticipated to inject new investments in drilling natural gas exploratory wells over the next five years, including three wells in 2026, according to the MoPMR’s statement.
In October, the company signed a deal with Shell to acquire a 27% participating interest in the North Cleopatra block offshore Egypt.
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