ExxonMobil to Start Drilling New Gas Exploration Well in Egypt's Mediterranean

The Egyptian Ministry of Petroleum said on Thursday that ExxonMobil is preparing to start offshore drilling activities in the North Marakia offshore concession area in the western Mediterranean on December 15.

This announcement comes during the participation of the Egyptian Ministry of Petroleum in the British Egyptian Business Association (BEBA) mission in London, where Karim Badawi, Minister of Petroleum, held a meeting with officials from ExxonMobil International.

The ministry's statement issued today indicated that Exxon's plans are in line with the strategy of the ministry aimed at enhancing cooperation with international companies, attracting more investments to boost production rates, and maximizing the added value of Egypt's resources and infrastructure.

The meeting discussed the most important files of joint cooperation between the two sides, most notably the company's activities and plans in the field of exploration and field development, and enabling the export of quantities of the company's future production through Egypt's strong infrastructure, in addition to discussing the profit-sharing mechanism and the pricing ceiling for the produced gas, to reach a formula that is suitable for both parties.

The two sides also expressed their intention to sign a letter of intent during the EGYPS Conference and Exhibition scheduled to be held next February, confirming the two parties’ commitment to enhancing joint cooperation.