ExxonMobil acquires Egypt's 6,880km2 of land for exploration
US firm's acquisition covers 4,856.2km2 and 2,197.4km2 in North Marakia and North East El Amriya Offshore Block
New York Stock Exchange-listed (NYSE) oil and gas firm ExxonMobil has acquired 6,879.7km2 of land in Egypt to carry out offshore exploration activities.
The Irving-headquartered company’s land acquisition covers 4,856.2km2 in North Marakia Offshore Block that is 8.1km away from Egypt’s northern coast in the Herodotus basin. While the remaining 2,197.4km2 of land is in the North East El Amriya Offshore Block in the Nile Delta.
ExxonMobil will take 100% interest in both the blocks and operate them. Operations, including acquisition of seismic data, are scheduled to begin in 2020, the American firm said in a statement.
Speaking about the acquisition, senior vice president of exploration and new ventures at ExxonMobil, Mike Cousins, said: “These awards strengthen our exploration portfolio in the Eastern Mediterranean.”
Meanwhile, chairman and managing director of ExxonMobil Egypt, Hesham Elamroussy, said: “These awards reaffirm our commitment to pursuing high-quality opportunities in the country.”