Arab Finance: ExxonMobil is set to commence offshore gas drilling in the North Marakia concession in Egypt’s western Mediterranean on December 15th, as per a statement issued by the Egyptian Ministry of Petroleum and Mineral Rserouses.
The project aligns with the petroleum ministry’s strategy to enhance cooperation with international companies and attract investment to boost production and optimize the use of Egypt’s resources.
The announcement was made during a meeting between petrolem minister Karim Badawi and ExxonMobil officials.
The discussions took place as part of the ministry’s participation in the British Egyptian Business Association (BEBA) mission in London.
Key topics included ExxonMobil’s exploration plans, field development activities, and mechanisms for profit-sharing and gas pricing to establish mutually beneficial terms.
The company expressed interest in leveraging Egypt’s infrastructure to facilitate gas exports.
Both parties signaled their intent to formalize cooperation by signing a letter of intent at the upcoming Egypt Energy Show (EGYPُES).
ExxonMobil officials also expressed eagerness to meet with the Egyptian President to outline their broader investment plans in the country.
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