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Oil & Gas

MEES: Stars align as ExxonMobil hikes up its commitment in Egypt

Posted: February 15, 2020 at 3:32 pm   /   by   /   comments (0)

Twelve months on from taking its first acreage in Egypt, US major ExxonMobil has now snapped up two more blocks in the country’s offshore Mediterranean.

A year ago at the Egypt Petroleum Show (EGYPS) in Cairo oil minister Tarek El Molla proudly announced that US major ExxonMobil was finally entering Egypt. Since then, the firm has worked behind the scenes to quietly snag a total of three Mediterranean offshore blocks. The first, North East El Amriya, was awarded in early 2019.

Then in December it acquired the North Marakia block where it has committed to drill three wells and invest $112 million.

(Source: MEES)

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