ExxonMobil obtains concession to explore Egyptian marine areas

CAIRO – 4 January 2021: ExxonMobil Egypt (Upstream) Ltd., in partnership with Tharwa Petroleum Company, signed a new agreement with the Egyptian Natural Gas Holding Company (EGAS), to obtain a franchise covering more than 4000 square kilometers in the "Star" marine area, which is located in the Egyptian territorial waters.

The company added in a statement, Monday, that ExxonMobil Egypt (Upstream) Limited will operate and own a 90 percent stake, while Tharwa Petroleum holds a 10 percent stake, and the operations include reprocessing 3D seismic data in the region.

General Manager of ExxonMobil Egypt (Upstream) Ltd. in Egypt, Amr Abu Eita, said that this new agreement enhances our research and exploration activities in Egypt and the Eastern Mediterranean region. 

“We appreciate the continuous cooperation with the Egyptian government and are happy to have these opportunities in Egypt,” Abu Eita added.

He explained that the "Star" marine area is located next to the northeastern El-Amiriya marine area in the Delta region, and the new agreement confirms ExxonMobil's interest in research and exploration work in Egypt, after the company signed at the beginning of 2020 two agreements for research and exploration in the Mediterranean in the regions of North Marakia and Northeast El-Amiriyah Al Bahryan.

This agreement was signed by Amr Abu Eita and Magdy Galal, Chairman of the Egyptian Natural Gas Holding Company, and Hussein Farghali, Chairman of the Board of Directors of Tharwa Petroleum Company, under the auspices of His Excellency the Minister of Petroleum and Mineral Resources, Tarek El-Molla, and this agreement is an extension of continuous success and for the record of the long-term activities carried out by ExxonMobil in Egypt.