ExxonMobil strengthens its exploration portfolio in Egypt
ExxonMobil has acquired over 1.7mn acres for offshore exploration in Egypt, with operations set to commence this year.
Who is ExxonMobil?
With its ability to use technology and innovation to help meet the world’s growing energy needs, ExxonMobil is one of the largest publicly traded international energy companies. The company holds an industry leading inventory of resources and is a global leader in LNG projects.
What does the acquisition include?
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1.2 mn acres in the North Marakia Offshore block, which is located five miles offshore in Egypt’s northern coast, the Herodotus basin.
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543,000 acres in the North East El Amriya Offshore block in the Nile Delta.
ExxonMobil will operate both blocks, its operations will include the acquisition of seismic data and will commence as of 2020. In addition, the company will hold 100% interest in the awards.
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How does ExxonMobil benefit from the acquisition?
“These awards strengthen our exploration portfolio in the Eastern Mediterranean,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. “We look forward to working with the government and deploying our proven expertise and advanced technology.”
For more than 115 years ExxonMobil has been contributing to Egypt’s growth, with its latest acquisitions within the region. The company highlights that these awards reaffirm its commitments to “pursuing high-quality opportunities in the country,” said Hesham Elamroussy, chairman and managing director of ExxonMobil Egypt.
These awards will add upstream interest to ExxonMobil’s downstream presence within Egypt where it has been a leader for fuels, lubricants and specialist marketers since 1902.
For more information on business topics in the Middle East and Africa, please take a look at the latest edition of Business Chief MEA.
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