ExxonMobil Takes Stakes in Egypt’s Med Sea

Thursday, January 30, 2020

According to Egypt’s Ministry of Petroleum, officials have signed two deals with US Supermajor ExxonMobil for oil and gas exploration in the Mediterranean Sea off the country’s north coast.

According to an official statement, the deals are worth $332 million and cover an exploration area in the North East Amriya block for a $220 million investment, while the other deal is subject to a $112 million minimum investment, for exploration activities in block North Marakia.

The Ministry stated that the ExxonMobil deals bring the total number of deals with investors to 82 since 2014. The total minimum investment of said deals reaches around $16 billion for 340 wells drilled or soon to be drilled.

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