Exxon Secures Exploration Acreage Offshore Egypt
Exxon Mobil Corp. said Monday it has secured more than 1.7 million acres for exploration offshore Egypt.
The oil powerhouse’s acquisition includes 1.2 million acres in the North Marakia offshore block and 543,000 acres in the North East El Amriya offshore block in the Nile Delta.
“These awards strengthen our exploration portfolio in the Eastern Mediterranean,” Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil, said in a company statement.
Exxon has had a strong downstream presence in Egypt, dating back to 1902. The new awards will add upstream interests to the company’s operations in Egypt.
“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,” said Hesham Elamroussy, chairman and managing director of ExxonMobil Egypt.
Exxon will hold 100 percent interest in and serve as operator of both blocks. Operations, including acquisition of seismic data, are expected to begin in 2020.
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