Wednesday, 29 January 2020

Egypt signs two gas exploration deals in Mediterranean worth $332 mln with ExxonMobil

Since 2014, Egypt has inked deals worth $16 billion with investors and partners

Ahram Online , Tuesday 28 Jan 2020

Egypt signed on Tuesday two deals with major US oil company ExxonMobil to explore for oil and gas in the Mediterranean region with a minimum investment of $332 million, the petroleum ministry said on Tuesday.

The first agreement is for exploring the North East Amiriya offshore block, with a minimum investment of $220 million for the drilling of four wells, the ministry said in a statement sent to Ahram Online.

The second deal will involve the drilling of three wells in the North Maracea block, with a minimum investment of $112 million.

The ministry said the agreements with Exxon Mobil bring the total number of deals with investors to 82 since 2014, with a total minimum investment of around $16 billion for the drilling of 340 wells.