BAKU, Azerbaijan, October 27. QatarEnergy has been granted a 40% stake in the North Rafah offshore concession, with Italian energy company Eni retaining a 60% interest, Trend reports.
The North Rafah block, located in the Mediterranean Sea off Egypt’s northeastern coast, covers nearly 3,000 square kilometers and reaches water depths of up to 450 meters.
Commenting on the deal, His Excellency Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, said the new stake “further strengthens our presence in Egypt and marks another important step in advancing our ambitious international exploration strategy.”
He added, “We extend our thanks to the Ministry of Petroleum and Natural Mineral Resources in Egypt, and our partner Eni, for their valued support and cooperation. We look forward to working together to achieve our exploration objectives.”