Egypt Awards Two Offshore Exploration Blocks to ExxonMobil
Exxon Mobil Corp. has been awarded two exploration blocks in the Mediterranean Sea off the coast of Egypt. The company will hold 100% operated interests in the 1.2 million acre North Marakia Offshore Block located approximately 5 mi. off Egypt’s northern coast in the Herodotus Basin, and the 543,000 acre North East El Amriya Offshore Block in the Nile Delta. Exploration operations, including acquisition of seismic data, are scheduled to begin in 2020. A statement from Egypt’s Ministry of Petroleum indicated that ExxonMobil has committed to a minimum investment of US$332 million on the two blocks. Egypt’s agreement with ExxonMobil brings the total number of deals signed with investors to 82 since 2014, with total committed investments amounting to approximately US$16 billion.