ExxonMobil has announced plans to begin drilling a new gas exploration well in the North Marakia Offshore Concession in the Mediterranean, with operations scheduled to begin on December 15th.
This move is part of the company’s strategy to strengthen its presence in Egypt's exploration and field development sector.
Petroleum Minister Karim Badwi held a meeting with ExxonMobil officials to discuss key areas of mutual cooperation, including the company’s exploration plans and field development activities.
According to a statement from the Ministry, the discussions also focused on the potential for exporting future production via Egypt’s robust infrastructure, as well as negotiating profit-sharing mechanisms and gas pricing to reach mutually beneficial terms.
Both parties expressed their intention to sign a memorandum of understanding during the upcoming Egypt Petroleum Show (EGYPS), reaffirming their commitment to strengthening collaboration in the energy sector.
These efforts are part of ExxonMobil’s broader strategy to expand its operations in Egypt, with a focus on leveraging the country's growing role as a hub for energy and gas exploration in the Mediterranean region.