Cairo – Mubasher: ExxonMobil has obtained more than 1.7 million acres for offshore exploration in Egypt.
The acquisition includes the 1.2 million North Marakia Offshore block, situated five miles offshore the north coast, and 543,000 acres in the North East El Amriya Offshore block in the Nile Delta, the US oil giant said in a statement on Monday.
“These awards strengthen our exploration portfolio in the Eastern Mediterranean,” senior vice president of exploration and new ventures at ExxonMobil, Mike Cousins, said.
The US oil giant will operate the two blocks and hold 100% interest and the operations are forecast to commence in 2020.
“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,” chairman and managing director of ExxonMobil Egypt, Hesham Elamroussy, highlighted.
