ExxonMobil Acquires Offshore Exploration Concession in Egypt

ExxonMobil Acquires Offshore Exploration Concession in Egypt

ExxonMobil Egypt (Upstream), in cooperation with Tharwa Petroleum Company, signed an agreement with the Egyptian Natural Gas Holding Company (EGAS) to acquire a concession covering more than 4,000 km2 in the Star marine area in Egypt.

ExxonMobil will own 90% stake, while Tharwa will own 10% stake. The operations include reprocessing of 3D seismic data in the region.

The General Manager of ExxonMobil, Amr Abou Eita, said: “This new agreement boosts our exploration activities in Egypt and the Eastern Mediterranean region. We appreciate the continued cooperation with the Egyptian government and are happy to have these opportunities in Egypt.” He also added that the Star is located next to the Northeastern Amiriya marine area in the Delta region and the agreement confirms the company’s interest in exploration at Egypt especially after signing two agreements at the beginning of 2020.

He added as well that “ExxonMobil has been a development partner in Egypt for 118 years.

We look forward to more successes and the application of our expertise and advanced ExxonMobil technology for exploration in Egypt.”

The agreement was signed by Amr Abou Eita; Magdy Galal, Chairman of EGAS; and Hussein Farghali, Chairman of Tharwa, under the patronage of the Minister of Petroleum and Mineral Resources, Tarek El Molla.


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