QatarEnergy announced on Monday that it has acquired a 40% stake in the North Rafah offshore exploration area off the Egyptian coast in the Mediterranean Sea.

According to the company’s statement, under the terms of the agreement recently approved by the Egyptian government, QatarEnergy will hold 40% of the exploration rights, while ENI, the project operator, retains the remaining 60%.

The North Rafah block spans approximately 3,000 square kilometers with water depths reaching 450 meters, forming part of Egypt’s efforts to expand its offshore energy activities.