Arab Finance: US energy company ExxonMobil will start drilling two exploratory natural gas wells at the Cairo and Misri concessions in Egypt’s Mediterranean Sea during the first quarter (Q1) of 2026, an unnamed government official told Asharq Business.
The initial cost of the drilling is estimated at $240 million, equivalent to over $120 million for each well, the source noted.
The Cairo and Misri concessions were awarded to ExxonMobil in January 2023. The two areas span 11,400 square kilometers, with water depths ranging from 2,000 to 3,000 meters.
ExxonMobil is currently finalizing seismic surveys in both concessions, with strong indications of natural gas reserves.
The actual size of the reserves will be determined after drilling begins.
In 2022, Qatar Energy acquired a 40% stake in the Cairo and Misri areas through an agreement with ExxonMobil.