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Qatar Energy Acquires 17% Stake in Shell-Operated Concessions in Egypt

The new Qatar Energy logo is pictured during a news conference in Doha, Qatar, October 11, 2021. Qatar News Agency/Handout via REUTERS
The new Qatar Energy logo is pictured during a news conference in Doha, Qatar, October 11, 2021. Qatar News Agency/Handout via REUTERS
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Qatar Energy Acquires 17% Stake in Shell-Operated Concessions in Egypt

The new Qatar Energy logo is pictured during a news conference in Doha, Qatar, October 11, 2021. Qatar News Agency/Handout via REUTERS
The new Qatar Energy logo is pictured during a news conference in Doha, Qatar, October 11, 2021. Qatar News Agency/Handout via REUTERS

Qatar Energy will acquire a 17 percent stake in two Shell-operated concessions (Block 3 and Block 4) in Egypt's Red Sea region, Shell Egypt said on Monday.

Shell will remain the main operator of the concessions, Shell Egypt's statement added.

Khaled Kacem, Shell’s Vice President & Country Chair for Egypt, said: “Bringing such reliable partners into the project will enable us to leverage our joint expertise as we progress the opportunity. It is also worth highlighting that we were able to attract new market entrants thanks to the favorable investment climate in Egypt.”

QatarEnergy president and CEO Saad Sherida Al-Kaabi said the deal represents the company’s “entry into the Arab Republic of Egypt’s well-established upstream oil and gas sector and offers an opportunity for the consortium partners to explore this frontier acreage.”

Block 3 was awarded to Shell in late 2019 and covers an area of 3,097 sq km in water depths of 100 to 1,000 m.

Block-4 was also awarded to Shell in late 2019 and covers an area of 3,084 sq km in water depths of 150 to 500 meters.

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Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices were little changed on Monday, while investors awaited a slew of US economic data including the December nonfarm payrolls report for further guidance on the Federal Reserve's stance on interest rates.
Spot gold held its ground at $2,635.39 per ounce by 0510 GMT. US gold futures dropped 0.2% to $2,646.80.
How the US jobs data fares this week could hold the key to whether gold breaks out of its recent range, said Tim Waterer, chief market analyst at KCM Trade.
"There is a plethora of US data due for release this week (including ISM Services PMI data), and any downside misses could hurt the USD and help gold."
The US jobs report, due on Friday, is expected to provide more clues to the Fed's rate outlook after the US central bank rattled markets last month by reducing its projected cuts for 2025.
Investors are also awaiting ADP hiring and job openings data, as well as minutes of the Fed's last policy meeting for further direction.
Gold flourishes in a low-interest-rate environment and serves as a hedge against geopolitical uncertainties and inflation.
US President-elect Donald Trump is set to return to office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
This could prompt the Fed to go slow on rate cuts, limiting gold's upside. After three rate cuts in 2024, the Fed has projected only two reductions for 2025 due to persistent inflation.
The US central bank's benchmark policy rate should stay restrictive until it is more certain that inflation is returning to its 2% target, Richmond Federal Reserve President Thomas Barkin said on Friday.
Spot silver was down 0.2% at $29.57 per ounce, platinum dipped 0.7% to $931.30 and palladium fell 0.4% to $918.22.