Multinational oil and gas corporation ExxonMobil has acquired more than 1.7 million acres for exploration offshore Egypt.
The acquisition includes 1.2 million acres in the North Marakia offshore block, located about 8 kilometers offshore Egypt’s northern coast in the Herodotus basin. The remaining 543,000 acres are in the North East El Amriya Offshore block in the Nile Delta.
“These awards strengthen our exploration portfolio in the Eastern Mediterranean,” Mike Cousins, Senior Vice President of Exploration and New Ventures at ExxonMobil, said in a statement.
ExxonMobil will be the sole operator of both blocks and will begin operations including the acquisition of seismic data 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.