ExxonMobil officials revealed plans to drill a new exploratory well for natural gas in the West Mediterranean area, slated to commence in mid-December. The announcement was made during a meeting between the company’s officials and Minister of Petroleum and Mineral Resources Karim Badawi, held on the sidelines of the BEBA event.

Company officials expressed their desire to meet with the Egyptian President to present their investment plans in Egypt, with the aim of enhancing their involvement in well exploration and development in the country.

During the meeting with Minister Badawi, they discussed key areas of cooperation, particularly the company’s activities and plans in exploration and field development. They emphasized the opportunity to export future production volumes through Egypt’s robust infrastructure. Additionally, they addressed the profit-sharing mechanism and pricing ceiling for the produced gas, aiming to develop a mutually beneficial formula.

Both parties also expressed their intention to sign a letter of intent during the upcoming Egypt Petroleum Show (EGYPTS) conference and exhibition, reaffirming their commitment to strengthening joint cooperation.