Global energy giant ExxonMobil Corp said on Monday it has won more than 1.7 million feddans for exploration offshore Egypt.
The acquisition includes an area of land in the 1.2 million North Marakia Offshore block, which is located approximately five miles offshore Egypt’s northern coast in the Herodotus basin, ExxonMobil said in a statement.
The remaining 543,000 feddans is in the North East El Amriya Offshore block in the Nile Delta.
“These awards strengthen our exploration portfolio in the Eastern Mediterranean,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil.
The U.S. oil major firm will operate both blocks and hold 100 percent interest. Operations, including acquisition of seismic data, are scheduled to begin in 2020.
“ExxonMobil has been a partner in Egypt’s growth for more than 115 years, and these awards reaffirm our commitment to pursuing high-quality opportunities in the country,” said Hesham Elamroussy, chairman and managing director of ExxonMobil Egypt.
The awards add upstream interests to ExxonMobil’s long-standing downstream presence in Egypt, where it has been a leading marketer of fuels, lubricants, and specialties since 1902.
