Illustration purposes only (Image courtesy of ExxonMobil)
U.S. energy giant ExxonMobil has secured more than 1.7 million acres for exploration offshore Egypt.
“These awards strengthen our exploration portfolio in the Eastern Mediterranean,” said Mike Cousins , senior vice president of exploration and new ventures at ExxonMobil.
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, the company said in its statement.
The remaining 543,000 acres are in the North East El Amriya Offshore block in the Nile Delta.
ExxonMobil will operate both blocks and hold a 100 percent interest. Operations, including the acquisition of seismic data, are scheduled to begin in 2020.