QatarEnergy will acquire a 17% stake in each of Shell's Blocks 3 and 4 in the Egyptian Red Sea, Shell announced on Monday.
Shell will remain the operator in both offshore exploration blocks after the agreements receive government and regulatory approvals.
Shell has operated both blocks since late 2019.
'We were able to attract new market entrants thanks to the favourable investment climate in Egypt,' Khaled Kacem, Shell’s vice president and country chair for Egypt, said.
Shell will remain as operator with a 43% stake once the agreements are closed. BHP will hold 30% share in Block 3 while Tharwa Petroleum Company and QatarEnergy will have a 10% and 17% interest, respectively.
In Block 4, Shell will hold operator status with a 21% share, with Mubadala holding 27% and BHP with 25%. Tharwa Petroleum Company and QatarEnergy will also have a 10% and 17% interest, respectively.
By Zeynep Beyza Kilic