ExxonMobil wins exploration rights of 2 offshore blocks in Egypt

EGYPT OIL AND GAS

ExxonMobil has been awarded the exploration rights to two offshore blocks, Masry and Cairo, in Egypt, according to an emailed press release to Arab Finance on January 10th.

Located in the outer Nile Delta, the blocks cover more than 11,000 square kilometers.

The awards are subject to the government’s approval of the concession agreements, under which the blocks are covered, and signing them in due course.

ExxonMobil Egypt (Upstream) Limited will operate the two blocks, holding a 100% interest.

Exploration activities at both blocks are set to commence in 2023, subject to the signing of the concession agreements.

“The addition of these blocks will further strengthen ExxonMobil’s exploration portfolio in Egypt and the East Mediterranean,” ExxonMobil Vice President of Global Exploration John Ardill said. “We look forward to working with the government to explore this frontier area, utilizing ExxonMobil’s proven expertise and advanced technology”.

“Building on our successful business and strong partnership in Egypt’s growth, ExxonMobil looks forward to continuing to play a key role in the development of Egypt’s resources,” Chairman and Managing Director for ExxonMobil Egypt Amr Abou Eita remarked. “We value our collaboration with the Egyptian government and are excited about these new exploration opportunities.”