U.S. Oil and energy company ExxonMobil announced on Tuesday it had secured exploration rights to two blocks offshore Egypt. The blocks, Masry and Cairo, are located in the outer Nile Delta, covering more than 11,000 square kilometres.
The awards are subject to Egyptian government’s approval of the concession agreements covering the blocks, and their signature in due course, the company added in a statement.
“The addition of these blocks will further strengthen ExxonMobil’s exploration portfolio in Egypt and the East Mediterranean,” John Ardill, ExxonMobil Vice President of Global Exploration, said.
ExxonMobil Egypt (Upstream) Limited will operate both blocks and hold 100 percent interest. Exploration activities are set to begin in 2023, subject to signature of the concession agreements.
“We look forward to working with the government to explore this frontier area, utilising ExxonMobil’s proven expertise and advanced technology.” Ardill added.
Amr Abou Eita, chairman and managing director of ExxonMobil Egypt, said the company looks forward to continue playing a key role in the development of Egypt’s resources.
“We value our collaboration with the Egyptian government and are excited about these new exploration opportunities.” Abou Eita stated.
