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QatarEnergy to acquire 27% interest in North Cleopatra block offshore Egypt

Group 1 - QatarEnergy has signed an agreement with Shell to acquire a 27% participating interest in the North Cleopatra exploration block offshore Egypt, pending approval from the Egyptian Government [1] - Shell will retain a 36% participating interest and will operate the block, with Chevron and Tharwa Petroleum Company holding 27% and 10% stakes respectively [1] - The North Cleopatra block covers over 3,400 km² in water depths of up to 2,600 meters and is adjacent to the North El-Dabaa block, where QatarEnergy already has a 23% interest [2] Group 2 - QatarEnergy's president and CEO, Saad Sherida Al-Kaabi, expressed satisfaction in securing additional exploration acreage, enhancing their upstream exploration activities in Egypt [2][3] - QatarEnergy has been expanding its portfolio in various oil and gas basins globally, including regions such as Guyana, Lebanon, Namibia, and South Africa [3] - The collaboration between QatarEnergy and Shell includes various projects, such as LNG ventures and the Pearl GTL plant, indicating a strong partnership [4] Group 3 - In May, QatarEnergy signed a 25-year condensate supply agreement with Shell for the delivery of up to 285 million barrels of condensate [4] - Last year, a long-term agreement was established to supply three million tonnes per annum of liquefied natural gas to China, further solidifying the relationship between the two companies [5]