ExxonMobil has secured more than 1.7mn acres for exploration offshore Egypt
Mike Cousins, senior vice-president of exploration and new ventures at ExxonMobil, said, “These awards strengthen our exploration portfolio in the Eastern Mediterranean.”
“We look forward to working with the government and deploying our proven expertise and advanced technology,” he added.
The company stated that the acquisition includes acreage in the 1.2mn North Marakia Offshore block, which is located approximately five miles offshore Egypt’s northern coast in the Herodotus basin. The remaining 543,000 acres is in the North East El Amriya Offshore block in the Nile Delta.
ExxonMobil will operate both blocks and hold 100 per cent interest. Operations, including the acquisition of seismic data, are scheduled to begin in 2020.
Hesham Elamroussy, chairman and managing director of ExxonMobil Egypt, commented, “ExxonMobil has been a partner in Egypt’s growth for more than 115 years, and these awards reaffirm our commitment to pursuing high-quality opportunities in the country.”
The awards add upstream interests to ExxonMobil’s long-standing downstream presence in Egypt, where it has been a leading fuel, lubricants and specialities marketer since 1902.
