ExxonMobil announced that it has secured exploration rights to two blocks, Masry and Cairo, offshore Egypt. The blocks are located in the outer Nile Delta and cover more than 11,000 square kilometers. The awards are subject to governmental approval of the concession agreements covering the blocks, and their signature in due course.
ExxonMobil Egypt (Upstream) Limited will operate both blocks and hold 100% interest. Exploration activities are scheduled to begin in 2023, subject to the signature of the concession agreements.
“The addition of these blocks will further strengthen ExxonMobil’s exploration portfolio in Egypt and the East Mediterranean,” said ExxonMobil Vice President of Global Exploration, John Ardill.
“We look forward to working with the government to explore this frontier area, utilizing ExxonMobil’s proven expertise and advanced technology,” Ardill noted.
“Building on our successful business and strong partnership in Egypt’s growth, ExxonMobil looks forward to continue to play a key role in the development of Egypt’s resources,” said Chairman & Managing Director for ExxonMobil Egypt, Amr Abou Eitam commented, adding “we value our collaboration with the Egyptian government and are excited about these new exploration opportunities.”