ExxonMobil Secures Exploration Acreage Offshore Egypt
December 30 2019 - 8:00AM
Business Wire
- Acquires more than 1.7 million acres offshore Egypt
- Adds upstream interests to longstanding downstream business in
Egypt
- Exploration operations scheduled to begin in 2020
ExxonMobil said today it has secured more than 1.7 million acres
for exploration offshore Egypt.
“These awards strengthen our exploration portfolio in the
Eastern Mediterranean,” said Mike Cousins, senior vice president of
exploration and new ventures at ExxonMobil. “We look forward to
working with the government and deploying our proven expertise and
advanced technology.”
The acquisition includes acreage in the 1.2 million North
Marakia Offshore block, which is located approximately five miles
offshore Egypt’s northern coast in the Herodotus basin. The
remaining 543,000 acres is in the North East El Amriya Offshore
block in the Nile Delta.
ExxonMobil will operate both blocks and hold 100 percent
interest. Operations, including acquisition of seismic data, are
scheduled to begin in 2020.
“ExxonMobil has been a partner in Egypt’s growth for more than
115 years, and these awards reaffirm our commitment to pursuing
high-quality opportunities in the country,” said Hesham Elamroussy,
chairman and managing director of ExxonMobil Egypt.
The awards add upstream interests to ExxonMobil’s long-standing
downstream presence in Egypt, where it has been a leading fuels,
lubricants and specialties marketer since 1902.
About ExxonMobil
ExxonMobil, the largest publicly traded international energy
company, uses technology and innovation to help meet the world’s
growing energy needs. ExxonMobil is a global leader in LNG project
execution and holds an industry-leading inventory of resources, is
one of the largest refiners and marketers of petroleum products,
and its chemical company is one of the largest in the world. For
more information, visit www.exxonmobil.com or follow us on Twitter
at www.twitter.com/exxonmobil.
Cautionary Note:
Statements that reference future events or conditions in this
press release are forward-looking statements. Actual future
results, including project plans and outcomes may differ
significantly depending on changes in long-term oil or gas prices
and other market or economic factors that affect the petroleum
industry; the timely completion and the results of future
exploration programs; reservoir performance; unexpected technical
difficulties or other technical or operating factors; the actions
of governmental authorities or regulatory agencies, including
obtaining necessary permits and approvals; the outcome of
commercial negotiations; and other factors listed under the heading
“Factors Affecting Future Results” on the Investor page at the
ExxonMobil website at www.exxonmobil.com and in Item 1A of
ExxonMobil’s most recent Form 10-K. References to resources in this
release include volumes that are not yet classified as proved
reserves under SEC definitions, but that are expected to be
ultimately recoverable.
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