Less than 15 months after the end of Egypt’s embargo of Qatar alongside allies Saudi Arabia and the UAE, relations between Doha and Cairo are moving forward in leaps and bounds. State energy giant QatarEnergy on 29 March announced it is taking a 40% stake in US major ExxonMobil’s North Marakia exploration block in the Egyptian Mediterranean, with Doha also this week pledging to invest $5bn in Egypt.
Egypt’s offshore Mediterranean is the country’s key gas province, accounting for 5bn cfd of 7bn cfd total 2021 output (MEES, 4 March). Virgin ‘West Med’ acreage including North Marakia is seen as the country’s hottest exploration property – 2020 and 2021 awards attracted a full house of international majors (MEES, 8 January 2021). (CONTINUED - 696 WORDS)