ExxonMobil Egypt inks concession agreement with EGAS

ExxonMobil will be the operator with 90% stake, while Tharwa will own 10%

  
Offshore drilling oil rig for producing oil and gas in the petroleum industry. Image used for illustrative purpose.

Offshore drilling oil rig for producing oil and gas in the petroleum industry. Image used for illustrative purpose.

Getty Images

ArabFinance: ExxonMobil Egypt signed a contract to acquire a concession of more than 4,000 square kilometers in the Stare marine are in the Arab republic, according to a January 4th emailed press release.

The agreement was signed with the Egyptian Natural Gas Holding Company (EGAS), in cooperation with petroleum firm Tharwa.

Under the deal, ExxonMobil will be the operator with 90% stake, while Tharwa will own 10%.

Total recently announced an oil deal with EGAS for the exploration and production offshore Egypt in the Mediterranean Sea.

Shell has also signed production sharing contracts with the Egyptian petroleum ministry.

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