State-run Qatar Energy will acquire 17 per cent shares in two Shell-operated concessions (Block 3 and Block 4) in Egypt’s Red Sea region, Reuters has reported.
Shell will remain the main operator of the concessions. The acquisition underlines the diplomatic détente between Egypt and Qatar after several years of diplomatic feud that erupted in June 2017.
Saudi Arabia, UAE, Bahrain and the Arab country cut off ties with Qatar over Doha’s alleged support for terrorism. The Saudi-led league reconciled with the tiny-gas rich country early this year during a regional conference in Saudi kingdom.
Qatar Energy, formerly Qatar Petroleum, operates all oil and gas activities in Qatar, including exploration, production, refining, transport, and storage.
Qatar Energy acquires 17 per cent stake in two Shell-operated concessions in Egypt
