ExxonMobil secures exploration acreage offshore Egypt

US major ExxonMobil said it has secured more than 1.7 million acres for exploration offshore Egypt. “These awards strengthen our exploration portfolio in the Eastern Mediterranean,” ExxonMobil Senior Vice President of Exploration and New Ventures Mike Cousins said. “We look forward to working with the government and deploying our proven expertise and advanced technology.”
The acquisition includes acreage in the 1.2 million North Marakia Offshore block, which is located approximately five miles offshore Egypt’s northern coast in the Herodotus basin, ExxonMovil said. The remaining 543,000 acres is in the North East El Amriya Offshore block in the Nile Delta.
ExxonMobil said the company will operate both blocks and hold 100 percent interest. Operations, including acquisition of seismic data, are scheduled to begin in 2020.
“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,” ExxonMobil Egypt Chairman and Managing Director Hesham Elamroussy said.
The awards add upstream interests to ExxonMobil’s long-standing downstream presence in Egypt, where it has been a leading fuels, lubricants and specialties marketer since 1902.