Exxon Signs Deals With Egypt For Oil, Gas Exploration in East Mediterranean

ExxonMobil and Egypt have signed two oil and gas exploration deals in the Eastern Mediterranean, the Egyptian Ministry of Petroleum said on Tuesday, weeks after Exxon said it had secured exploration acreage offshore Egypt.

The two exploration deals call for a total investment of at least US$332 million, according to a statement from Egypt’s petroleum ministry, carried by Reuters.

At the end of 2019, ExxonMobil said that it had acquired more than 1.7 million acres offshore Egypt, adding upstream interests to its downstream business in the country.

Exxon bought the 1.2-million-acre North Marakia Offshore block, five miles offshore Egypt’s northern coast and 543,000 acres in the North East El Amriya Offshore block in the Nile Delta. ExxonMobil, which will be the operator of both blocks with 100-percent interest, plans to start exploration operations this year. the Mediterranean.

To read more on this article please click here.