ExxonMobil Expands Exploration in the Mediterranean Sea

Image: EngineersJournal

Egypt’s Ministry of Petroleum announced on Tuesday that it has signed two deals with Texas-based integrated oil company ExxonMobil pertaining to oil and gas exploration activities in the Mediterranean Sea.

According to an official statement, the deals are worth $332 million. The statement comes within weeks of ExxonMobil acquiring 1,7 million acres last month in the region.

The agreement covers 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.

Egypt has been proactive in trying to position itself as an energy regional hub in the eastern Mediterranean. Since Eni’s giant discovery in the Zohr field in 2015, Egypt’s natural resources have become increasingly attractive. Currently, the country imports gas from Israel and exports to Jordan and potentially to Europe and Asia.

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.