Petroleum Ministry explores new investments with ExxonMobil
Updated 10/3/2024 8:08:00 AM
Arab Finance: Ministry of Petroleum and Mineral Resources is exploring new investment opportunities as well as seeking to bolster natural gas exploration efforts with ExxonMobil, as per a statement.
During his current visit to the UK, petroleum minister Karim Badawi held talks with ExxonMobil’s Vice President of Research and Exploration John Ardell to discuss these opportunities in Egypt’s natural gas and oil exploration.
Badawi highlighted a series of new investment opportunities available to international companies, including the recently launched global bid by the Egyptian Natural Gas Holding Company (EGAS).
This bid round covers 12 exploration blocks in the Mediterranean and Nile Delta regions.
The minister also stressed that the Egypt Upstream Gateway (EUG) offers further opportunities in research, exploration, and field development.
ExxonMobil’s ongoing work programs were also reviewed, including the company's plans to drill new exploratory wells in the Mediterranean Sea.
The company has completed seismic surveys in its concession areas, including the North Marakia offshore block and the offshore exploration blocks Cairo and Masry, expressing interest in expanding investments into a new concession in the promising Western Mediterranean region.
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