US oil and gas giant, ExxonMobil has announced that it has secured more than 1.7 million acres for exploration offshore Egypt, strengthening its portfolio in the eastern
The acquisition includes acreage in the 1.2 million North Marakia Offshore block, which is located approximately five miles offshore Egypt’s northern coast in the Herodotus basin.
The remaining 543,000 acres is in the North East El Amriya Offshore block in the Nile Delta, a press release posted on the company’s website said.
According to ExxonMobil, it 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,” Hesham Elamroussy, chairman and managing director of ExxonMobil Egypt said.
The awards add upstream interests to ExxonMobil’s long-standing downstream presence in Egypt, where it has been a leading fuels, lubricants and specialties marketer since 1902.
About ExxonMobil
ExxonMobil, the largest publicly traded international energy company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil is a global leader in LNG project execution and holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter at www.twitter.com/exxonmobil.
Source:www.energynewsafrica.com