Exxonmobil seeks to strongly participate in exploration and production (E&P) activities in Egypt and enhance its presence in the country’s oil and gas sector as the company invests in Egypt for the first time, said Steve Greenlee, president of ExxonMobil Exploration Company, Egypt Oil & Gas reports.

The company is interested in the bid rounds launched by the Egyptian oil and gas sector for exploration in the Mediterranean and Red Sea, Greenlee noted.

Greenlee’s comments came during his meeting with Egyptian Minister of Petroleum, Tarek El Molla, on the sidelines of the CERAWeek, taking place in Houston.

During the meeting, El Molla stated that Exxonmobil’s decision to invest in Egypt’s E&P field will have a positive return on the Egyptian oil and gas industry, increasing the varieties of international oil companies (IOCs) in Egypt and pumping more investments.