Minister of Petroleum and Mineral Resources Karim Badawi has stated that Egyptian global partnerships in the field of research, exploration and production have a long process of building and achieving success stories, and that the new government is working to invest these successes in achieving a steady increase in production.

This came during the meeting with the ExxonMobil Egypt delegation, headed by Amr Abou Eita, Chairman and Managing Director of ExxonMobil Egypt.

Badawi highlighted the important role that these partnerships can add to Egypt’s exploitation of its diverse capabilities to act as a regional energy hub.

Abou Eita explained that ExxonMobil, which operates in three exploration sectors in Egypt and has a long history in serving the Egyptian market in terms of distribution and lubricants, is focusing on its investments in Egypt and sees it as an important and pivotal center for its work in the Eastern Mediterranean region.

“ExxonMobil spent around 90 Million dollars in seismic operations to acquire around 9000 Square/km in the Masry and Cairo concessions. ExxonMobil is also in the process of mobilization of a rig for operations in the North Marakia concession in the 4Q of 2024,” explained Ivan Almeida, Upstream Venture Manager at ExxonMobil Egypt (Upstream), during the meeting.

The Minister commented that he is keen to provide all forms of support to accelerate drilling plans.

Badawi also drew attention to the existing cooperation between the two sides and the Cypriot side and the work to develop the Egyptian-Cypriot governmental agreement

The minister pointed out his keenness to support cooperation with ExxonMobil, given its diversity of ideas and employment, and the application of the principle of parity by increasing reliance on women in work and production sites.