Egypt may be seeing its gas output steadily decline but that is not for a lack of attracting the supermajors to its upstream, whilst Gulf NOCs are increasingly joining the party. This week saw Qatari state giant QatarEnergy expand its Egypt footprint and increase its cooperation with US major ExxonMobil within the promising East Med gas basin.
QatarEnergy is taking 40% stakes in the giant Cairo and Masry blocks, with Exxon, which was awarded the acreage at the start of 2023, retaining a 60% operator’s stake (MEES, 10 February 2023). Combined, they cover an area of approximately 11,400km² – two-thirds the size of Kuwait – in water depths ranging from 2,000-3,000 meters. (CONTINUED - 1150 WORDS)
