CAIRO - 20 August 2024: ExxonMobil allocated $90 million towards seismic exploration in Egypt, focusing on a 15 km parcel within its concession area north of Marakia in the Western Mediterranean region.
The corporation aims to accelerate drilling endeavors upon the arrival of the drilling team in October.
This decision was deliberated upon during a meeting involving Karim Badawi, the Minister of Petroleum and Mineral Resources, and a delegation from ExxonMobil Egypt, headed by Amr Abu Aita, the company’s Chairman and Managing Director.
Minister Badawi emphasized the government’s commitment to capitalize on these achievements to foster a continuous upsurge in production, underscoring the pivotal role partnerships like these can play in positioning Egypt as a key energy hub in the region.
Badawi also highlighted Egypt’s commitment to facilitate the drilling agenda, citing the ongoing collaboration between the involved parties, including Cyprus, and the joint efforts towards enhancing the Egyptian-Cypriot governmental agreement.
In response, Abu Aita conveyed the company’s resolute determination to realize success through meticulously crafted operational strategies, rooted in ongoing specialized studies tailored to their operational zones.
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