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ExxonMobil acquires over 1.7 million acres offshore Egypt

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ExxonMobil said Monday it has secured more than 1.7 million acres for exploration offshore Egypt.

“These awards strengthen our exploration portfolio in the Eastern Mediterranean,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. “We look forward to working with the government and deploying our proven expertise and advanced technology.”

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.

ExxonMobil 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,” said Hesham Elamroussy, chairman and managing director of ExxonMobil Egypt.

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.

ExxonMobil has operator interest at the 6.6 million acres Stabroek Block offshore Guyana where it has found more than 6 billion barrels of oil equivalent spanning 15 discoveries since 2015. The company started producing oil from its Liza Phase 1 Development at the block on December 20.

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