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Oil & Gas

MEES: ExxonMobil eyes partnerships in Egypt’s offshore Mediterranean

MEES Exxon Mobil
Posted: January 31, 2021 at 3:48 pm   /   by   /   comments (0)

ExxonMobil is looking for partners to help move forward its East Mediterranean expansion after snagging large blocks off Egypt over the last two years. Farm down talks have focused on Shell, Equinor and, most intriguingly, Qatar Petroleum.

US major ExxonMobil is looking for partners at its three recently-acquired exploration blocks in Egypt’s Mediterranean offshore. Fellow major Shell, Norway’s Equinor and Qatari state firm QP are the three firms that have expressed the most interest, MEES understands. Exxon has also tapped up BP and Petronas, who hold adjacent acreage, but both the UK major and Malaysian state firm rebuffed the US major’s overtures.

Exxon entered Egypt’s offshore in February 2019 when it was awarded the Northeast El Amriya block, to the northeast of Shell and Petronas’ (50:50) 400mn cfd West Delta Deep Marine fields. At the time Exxon managed to fend off rival bids from the WDDM partners as well as BP, French major Total and Italy’s Eni. It is unclear whether Total, another recent entry to the Egypt deepwater and Exxon’s partner south of Crete, or Egypt’s top gas producer Eni, were approached. The two firms, alongside Exxon, are the key players off Cyprus.

(Source: MEES)