Chevron sells 23% of offshore Egypt block to QatarEnergy

QatarEnergy will buy a 23% stake from Chevron in an offshore exploration block in Egyptian waters, it said on Monday.

QatarEnergy has in recent years acquired stakes in oil and gas basins including in Guyana, Lebanon, Namibia and South Africa as part of a strategy to expand its global footprint.

Chevron will keep a 40% share in the concession agreement for the North El-Dabaa (H4) block in the Mediterranean Sea following the deal, QatarEnergy said in a statement.

Woodside owns 27% and Egyptian state-owned Tharwa Petroleum Company owns 10% of the block, which is about 10 kilometres offshore with depths between 100 metres (328.08 ft) and 3,000 metres.

"This agreement demonstrates our commitment to the oil and gas sector in the Arab Republic of Egypt, and further strengthens our partnership with our valued partner Chevron," QatarEnergy Chief Executive Saad al-Kaabi, also Qatar's state minister for energy, said in the statement.