CAIRO - ExxonMobil is set to begin drilling a new gas exploration well in the North Marakia Offshore Concession, located in the Mediterranean, with operations slated to start on December 15th.
This initiative is a key part of the company’s strategy to bolster its presence in Egypt's energy sector, particularly in offshore gas exploration and development.
The announcement follows recent discussions between Egypt’s Petroleum Minister, Karim Badwi, and ExxonMobil officials, where they explored potential areas for collaboration. Topics included future production exports, as well as negotiations on profit-sharing mechanisms and gas pricing to ensure mutual benefits for both sides.
Both parties are planning to sign a memorandum of understanding (MoU) during the upcoming Egypt Petroleum Show (EGYPS), highlighting their continued commitment to enhancing cooperation in the Egyptian energy sector.
ExxonMobil’s move to expand its operations in the Mediterranean is part of a broader effort to capitalize on Egypt’s growing significance as a regional energy hub, particularly in the oil and gas sectors.
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