U.S. oil major ExxonMobil has secured more than 1.7 million acres for exploration offshore Egypt.
Image by: Brian Katt ; Source: Wikimedia – under the CC BY-SA 3.0 license
ExxonMobil said that the acquisition included 1.2 million acres in the North Marakia Offshore block, 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.
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.”
According to the company, ExxonMobil will operate both blocks and hold a 100 percent interest. Operations, including the acquisition of seismic data, are scheduled to begin in 2020.
Hesham Elamroussy , chairman and managing director of ExxonMobil Egypt, added: “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 fuel, lubricants, and specialties marketer since 1902.